Property group introduces turnover rent option for ‘unprecedented times’

From left: John Farnworth (MD), Paul Dobson (property director) Joshua Turner (property manager)
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Bolton-based Millfield Estates has announced plans to offer a new ‘turnover rent’ policy at two of the largest properties in its portfolio

Applying a more flexible approach to its property lettings post-lockdown, Millfield has announced its new ‘turnover rent’ offer, which will come into force at its Nottingham and London retail properties with immediate effect.

With the COVID-19 pandemic exacerbating a situation in which there is now an imbalance in risk between landlord and tenant, leaving many locations no longer viable from a trading perspective, Millfield Estates’ fresh approach to rent at two of its largest properties is one that will give prospective tenants more confidence in an uncertain future.

Millfield said its new policy, which offers rent as a percentage of the turnover of the occupying tenant, is aimed at bringing life back to the high street, with a real emphasis on flexibility for its tenants, with no fixed parameters put in place when entering into negotiations.

Paul Dobson, property director for Millfield Estates, said: “We are living in unprecedented times and it is crucial that, as a company, we remain fleet of foot to evolve and implement initiatives that will instil confidence in our properties and show tenants, both new and existing, that we have their best interests at heart in this fast-changing world.

“Our flexible and bespoke approach to our letting offers at Lister Gate (Nottingham) and South Molton Street (London) demonstrates our commitment to a closer landlord and tenant relationship, which in times of crisis such as now, can only help both sides.

“The retail sector in particular has been hit hard by this pandemic, what with lockdown measures and social distancing.

“We believe our rent policies go some way in mitigating risk for our retail tenants, promotes a fairer way of doing things, and provides a welcome boost to the sector during this difficult trading period.”

Located in one of London’s most fashionable and well-established retail districts, 49 and 50 South Molton Street in Mayfair comprises two late-19th century period buildings of 4,954 sq ft in total, offering an A1 retail unit on the ground floor and three upper floors dedicated to B1 office space.

Enjoying a prime location just 500-yards away from the Intu Broadmarsh Shopping Centre, 28-30 Lister Gate offers 4,871 sq ft of A1 retail and ancillary accommodation, with the property benefiting from a catchment population in excess of one million.

Millfield Estates is represented by letting agents GCW (Lister Gate) and JLL (South Molton Street) who played an active role in setting up this new rent policy.

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