Regent Street owner The Crown Estate offers switch to turnover based rents
Property group The Crown Estate has reportedly offered to change to a turnover-based rental model for some tenants. The Crown Estate which owns London’s Regent Street and some of St James’s has asked for 9% of turnover or a percentage of what it would receive in quarterly rents on a rising scale.
The Crown Estate said that the offer was being made on a case-by-case basis and that it was doing this to help small and independent businesses who were facing particularly difficult conditions. The property giant has also announced a £13.5 billion redevelopment plan for central London that aims to ensure it remains an “outstanding place to work, live and visit”.