// The Crown Estate offers some tenants the choice to switch to turnover based rents
// It said it was focusing its help on small and independent businesses
The Crown Estate, which owns the whole of London’s Regent Street and around half of St James’s, has reportedly offered some of its tenants the choice to switch to turnover based rents.
The property giant has asked for nine per cent of turnover or a percentage of what it would normally receive in quarterly rents, on a scale starting at zero per cent for the current period and rising to 75 per cent by next month, The Sunday Times reported.
The Crown Estate said it was focusing its help on small and independent businesses.
- London’s West End at risk of losing £5bn in sales & 50,000 jobs
- New Look seeks turnover-based rent with landlord
“For a number of our restaurant operators who are facing particular challenges at this time, we have offered the option to move to more of a turnover-based structure for the coming period on a case by case basis, as part of the safe and sustainable reopening of the West End,” Crown Estate central London director James Cooksey said.
The Crown Estate, whose empire is worth £13.5 billion, pays a share of its profits towards the sovereign grant, which funds the Queen.
It also said it is delivering a £1.5 billion investment and redevelopment plan, with a “commitment to ensure that central London continues to be an outstanding place to work, live and visit”.
Separately, fellow property giant New West End Company, represents hundreds of retailers and other businesses across Oxford Street, Bond Street, Regent Street and Mayfair, recently said the district could also lose £5 billion in sales without further government assistance.
More than 50,000 jobs could be at risk in London’s West End if tourists and office workers do not return.
The business partnership added that the first full month since the reopening of non-essential retail on June 15, some 5.1 million people visited the West End – although this was still down 73 per cent year-on-year for the same period.