The City of London Corporation is looking to supports shops, pubs and restaurants at the City’s historic Leadenhall Market, by offering rent charged on a turnover basis.
Hospitality and retail businesses in central London have had to temporarily shut sites for lockdowns this year, and cope with weak footfall as scores of tourists and office workers stay away from town due to travel restrictions.
The governing body of the Square Mile said a plan has been approved that will see new leases drawn up for any of the 35 eligible businesses that wish to take up the offer.
The new terms aim to reduce rents to more affordable levels during the current pandemic for firms at the market which dates back to the 14th century
The turnover rent model is a way of allowing tenants to pay rent based on how sales perform, and it has become increasingly popular this year.
It is a way to reduce rents when trading is hard, and then give landlords more when times are better.
Catherine McGuinness, policy chair at the City of London Corporation, said: “This has been an exceptionally difficult year for many City businesses. We hope the option of turnover rent for those tenants based in the iconic Leadenhall Market will help to lessen the immediate burden of overhead costs and support a sustainable recovery.”
