RICS has today launched a free, small-business retail lease to attract new and independent retailers into vacant high street space.
The lease, developed in collaboration with the British Retail Consortium and authored by Nick Darby at SNR Denton UK, has been devised to simplify commercial property leases.
RICS said that the freely available contract will enable quicker occupation of retail premises by SMEs, helping to support the independent retail sector and stimulate the British high street.
Paul Bagust, associate director in RICS’s professional groups and forums division, said: “In simplifying the leasing process for landlords and small business tenants, we hope to support SMEs and provide a boost to the British high street in a time of decline, thereby contributing to overall UK economic productivity. Moreover, by offering mutually beneficial terms to landlords and tenants in a flexible lease, we are directly addressing the principles of the Code for Leasing Business Premises – identified in the Portas Review as a key tool in tackling the high street’s decline.”
British Retail Consortium director of business, Tom Ironside, added: “The high street is a much-loved institution but it can be a tough place to trade, with property costs a significant challenge for all. Negotiating the complicated and costly process of getting the first lease for a shop is a sizeable hurdle which our lease removes.”
The lease takes the form of an easy-to-use, eight-page proforma, providing the tenant with fixed property costs and a clear picture of the responsibilities he or she is signing up to.
Intended for leases of up to five years, it is a standalone short-term contract with no rent review. It offers entirely flexible terms for occupiers, including break clauses.
Download a copy of the lease here www.rics.org/smallbusinesslease.
samantha.mcclary@estatesgazette.com
