A recent survey revealed that shop vacancy rates on the UK’s High Streets are falling and have now hit less than 14% nationally for the first time since 2010. The Local Data Company’s findings also indicate that vacancy rates are lower in the South of England than in other parts of the UK, suggesting that locally the high street economy is bouncing back with many businesses either returning to the high street or opening for the first time.
Any landlords or tenants who are looking at becoming part of this trend should be aware of the importance of ensuring that their occupancy is covered by a lease which contains terms which are suitable to them whilst tenants should also ensure that appropriate pre contract searches are carried out in order to reveal any potential issues with the property (such as flood risk, an issue which has been highlighted by the recent poor weather) before committing themselves to a lease.
Anyone looking for advice on entering into a lease of commercial premises should contact our Commercial Department on 020 8502 3991 or andrewdongworth@foskettmarr.co.uk