The Royal Institution of Chartered Surveyors has announced the launch of a freely available lease which will support small High Street businesses.
The lease which will launch early in the New Year, is an initiative from the RICS and the British Retail Consortium (BRC). It will simplify the leasing process for landlords and tenants. Thus, it will provide a simple, easy-to-use contract that will make clear to all parties the terms they are committing into.
Marcus Andrews FRICS of Goadsby says “many tenants suffer from obligations hidden in leases and this straightforward lease will work towards fairer agreements”.
The lease is aimed at small High Street retail businesses and will be a short-term contract with no review or break clauses. It will allow stability on costs for small businesses and new ventures. A key benefit for businesses will be flexible terms for occupiers contained within the lease. “These terms will also speed up the contract process, which currently can take weeks if not months, following agreement of a deal” says Marcus.
The lease will allow small businesses to present a business case with clear property costs when requesting bank financing.
