The commercial landlord says it is aiming to collect around 50% of rents due from April to September 2020 ‘over time’ before moving permanently to monthly rents in advance for all commercial tenants from October 2020. It also says it is expecting a ‘continuing evolution in structure of leases’.
In Shaftesbury’s 2020 half year results, the company says it is positioning its portfolio ‘to benefit from the return of confidence and activity in local, national and global economies’.
“The economies of London and the West End have a long history of structural resilience, having weathered many episodes of near-term challenges and uncertainties,” says chief executive Brian Bickell
In its Covid-19 update Shaftesbury also says it is now preparing its locations and buildings for recovery phase and will be doing a marketing and PR to promote its areas in collaboration with other landowners to encourage return of domestic and international footfall.
The commercial landlord is part of the campaign to temporarily pedestrianise the Soho area and allow hospitality businesses to set-up al fresco drinking and dining areas.