Landlord Capco joins Crown Estate in offering move to turnover rents

22 July 2020 by
Landlord Capco joins Crown Estate in offering move to turnover rents

West End landlord Capco has revealed it will join the Crown Estate in offering struggling tenants the opportunity to move to turnover rents.

In a trading update Capco said it would support hospitality and retail tenants by adjusting rental agreements on a case-by-case basis to include deferrals and turnover-linked arrangements.

The landlord has also said additional streets around Covent Garden will be pedestrianised to ease the return of pedestrians to central London and allow for additional alfresco dining opportunities across its estate.

Earlier this week James Cooksey, director of the Crown Estate's central London portfolio, confirmed that some independent restaurant operators had been offered a turnover-based deal.

He said: "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."

Picture: Shutterstock

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