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Turnover rents: landlords, tenants and finding the middle ground
Turnover rents are not new. The current economic situation has, however, made them a lot more popular. In a climate where bricks-and-mortar retailers are struggling with the effects of the coronavirus pandemic and competing against online shopping, turnover rents can help landlords ensure retail units don't stand empty.
In this webinar, expert real estate lawyers from our Retail sector team will discuss turnover rents in the sector, issues that both landlords and tenants face, and ways to reach a compromise that works for both parties. Having acted on multiple CVAs representing both landlords and tenants, our specialist lawyers will be looking at both sides of the equation and drawing on their practical experience.
The themes we will explore include:
• base rents and how to determine and agree them;
• keep-open covenants and carve-out provisions;
• the definition of Gross Turnover: what’s included and what’s excluded. Treatment of click and collect shopping, point of sale issues, and refunds;
• turnover certificates and the landlords' right to call an audit;
• frequency of reconciliations, and;
• dispute resolution clauses.
You will have a chance to send in questions prior to the session, and will be able to interact with speakers during the webinar.
Please note: We'll be running this webinar in Webinarjam, which is an easy to join web platform that does not require installing any software. Unfortunately Webinarjam is not supported in Internet Explorer, so if you have trouble registering, try opening this page in a different web browser or contact [email protected]
Partner and Head of Retail at Royds Withy King
Partner, Real Estate, Royds Withy King