| Topic: | Re:Re:Re:Re:Morrisons not closing June 1st | |
| Posted by: | Helen Corcoran | |
| Date/Time: | 09/02/18 21:25:00 |
| I don't think Raymond is wishing away Morrisons. He is just pointing out that having a protected lease isn't the same as being a sitting tenant. They may have a right to first refusal on any new lease and clauses may restrict any rent rises but this really offers no extra protection as nobody would want to take the space and Morrisons will be expecting a rent reduction. They are not going to pay full rate given the short shelf life of the store. Essential Living may be reluctant to grant Morrisons the length of lease extension they want at the rent they expect. The negotiations over the Community Infrastructure Levy with the Council are clearly very fraught and there is some brinkmanship going on but it may not simply be a case of Essential Living using Morrisons as a bargaining chip. The rent they would bring in from extending the lease would be quickly wiped out if it delayed commencement on the project when it was ready to start. All things considered I still think people should be prepared for the possibility of a 1st June closure. |