Network Rail announces rent amnesty for its retail tenants

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Breaking: Retail Rents:

Network Rail has
announced measures to support its retail tenants housed in Britain’s
busiest and biggest railway stations, and right across its commercial
estate. These businesses are a feeling a severe impact on trade as a
result of reduced travel and therefore footfall as a result of the
coronavirus (COVID-19) outbreak and clampdown.

With immediate
effect the government owned rail network is cancelling all first
quarter (25 March – 23 June 2020) rent payments due from its
tenants, which is says will provide significant relief for the small
businesses who are extremely worried about the impact of the virus on
their sales.

Network Rail is also
cancelling all base rent payments for retailers in its managed
stations for the first quarter of the new financial year (April-June
2020). Retail tenants in stations would typically pay a minimum
guaranteed base rent, with an additional turnover element based on
their sales.

Network Rail says it
has something like 100 of the major retailers located in its stations
around Britain, the biggest and busiest in stations being in
locations such as London’s Waterloo, King’s Cross, Euston and
cities like Leeds and Manchester etc. There are something like 1,000
Small and Medium Sized Enterprise (SMEs) business tenants throughout
the rail network.

David Biggs,
managing director for Network Rail Property, has said:

“We work in
partnership with retailers and tenants to provide positive
experiences for passengers and communities. In challenging times, it
is important we step up to the plate and show our partners they are
valued, and we are ready and willing to help. That is why we have
taken this decisive action today.

“We also
understand more support may be required as this situation develops.
We will continue to liaise with central government and will keep
speaking with our retailers and tenants about how we can assist
further.”

Network Rail is
writing to all its retail / small business tenants to make them aware
of the new measures to support their businesses.

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