A straightforward lease has been developed by the Royal Institute of Chartered Surveyors (RICS), in collaboration with the British Retail Consortium (BRC) in a bid to attract small and medium sized enterprises (SMEs) onto the high street.
The lease was launched on 4th July this year to simplify the often complex and lengthy process, which often put many potential tenants off from renting out a commercial property on the high street.
Speaking of the lease, Paul Bagust, Associate Director at RICS said: “In simplifying the leasing process for landlords and small business tenants, we hope to support SMEs and provide a boost to the British high street in a time of decline – thereby contributing to overall UK economic productivity.
“Moreover, we are directly addressing the principles of the Code for Leasing Business Premises – identified in the Portas Review as a key tool in tackling the high street’s decline.”
It is hoped that the new lease will breathe new life into the struggling high street as the number of vacant commercial properties currently stands at “more than 11 per cent,” as Tom Ironside, Director of Business and Regulation at the BRC said.
Mr Ironside further added: “As well as assisting individual retailers this new lease will make it quicker and easier to get those empty units back into use, preventing them acting as a drag on the performance of an entire area.”
However, it is not only surveyors that are trying to reduce the number of vacant commercial properties. With demand at an all time low, more and more landlords are offering incentives to attract new tenants. Incentives offered have included financial rewards and rent-free periods.
Do you think the simplified lease will attract SMEs onto the high street? We welcome comments from our readers below.
