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Crown Estate offers turnover-based rent arrangements

20 July 2020 by

The Crown Estate is supporting some operators in the West End of London by revising rents to turnover-based deals.

Usually buzzing streets in central London remain deserted, even with shops and restaurants open, as the public continue to be fearful of travel and offices remain empty, leaving hospitality businesses in the capital struggling to survive.

In an attempt to help some operators trade through the pandemic, the property group has written to some tenants asking for 9% of turnover, or a percentage of quarterly rent, starting at 0% and rising to 75% by March, according to a letter seen by The Sunday Times.

One beneficiary has been Corbin & King, which has Brasserie Zédel within the Crown Estate. Co-founder Jeremy King told the paper: "The Crown has taken the lead in showing landlords how they should behave."

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."

The Crown Estate pays a share of its profits towards the sovereign grant, which funds the royal family.

Photo: Shutterstock

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