Thursday, 04 February 2021 News
Cotswold renew lease in Belfast city centre
It is always a surprise when you get an email out of the blue to help an historic client with a property matter.
In 2009 I acquired premises for Outdoor and Cycle Concepts trading as Cotswold and a decade on, I have helped them renew their lease in Belfast's city centre, Castle Lane area.
They thought it best to contact the original person who helped acquire the business. It also helped that I was local and would have a real time understanding of the things that are affecting the retail market in Belfast city centre right now.
Castle lane has seen some material changes over the life of the lease, good and bad and the lease renewal date, occurred at the end of the first lock down of a pandemic after a closure period for non essential retail.
Decisions being made six months before the end of the lease swiftly changed as the pandemic unfolded from the start of March 2020.
Thankfully, Murphy reached an agreement with the landlord on behalf of the tenant, to set a new revised market rent, that reflects affordable occupation costs for the tenant going forward, at this time and a modern pandemic lease structure to help sustain the business long term.
As part of the retailer's commitment to the city centre they have also opened a Runners need in store concession, improving their retail offer and range for their customer.
Should you have a lease renewal at this time and need some help and guidance then give Murphy a call.....others have.