Hammerson to trial new lease approach at Scottish centre – Retail Gazette

The landlord expects all leases to be converted by 2023 // Hammerson reveals new approach to UK leases // It will pilot its new approach at Union Square centre in Aberdeen

Hammerson has revealed a new approach to its leases in the UK, which will see it offer shorter contracts and scrap traditional rent review systems.

The new approach focuses on four key areas: more flexible leases; rebased rents at more affordable levels, replacing the existing rent-review system with an index and an “omnichannel top-up element”.

The property giant will trial the new approach at its Union Square centre in Aberdeen before rolling it out across its entire portfolio.

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The landlord expects all leases to be converted by 2023.

“The lease structure in the UK particularly has not been fit for purpose for some time,” Hammerson UK and Ireland managing director Mark Bourgeois said.

“Retailers themselves are loud

Continue reading this atricle at https://www.retailgazette.co.uk/blog/2020/08/hammerson-to-trial-new-lease-approach-at-scottish-centre/