GCW achieved an increase in rent at arbitration from £122,000 pa to £176,700 pa for a 1,677 sq ft unit let to WH Smith. The new 10 year lease has three yearly reviews with the reviews linked to the higher of market rent or a turnover formula.
Transport retailing is one of the few sectors where demand is high and rents have gone up. Landlords are looking for turnover leases and therefore specialist advice is important to understand the market and the likely turnover of individual retailers” says GCW director Clive Gillingwater.
GCW has long experience of retailing in transport locations and has advised leading operators such as Superdrug on transport opportunities for more than 10 years.