Retail landlords are bracing for what could be the worst quarterly rent day ever, when what is paid could be as little as 10% of what is owed.
The British Property Federation anticipated that as little as 20% of retail occupiers would pay third-quarter rent due tomorrow, although Retail Week understands that number could be as low as 10%.
Althugh non-essential stores reopened last week, property experts said that the collapse of retailers’ earnings during lockdown and the government extension of a ban on forced evictions meant tomorrow would be the worst rent day recorded for landlords.
One property source said: “It’ll be about 10% or 15% who end up paying. That’s going to be the lowest return in terms of rents on a quarterly day in history. For landlords, this situation is completely unprecedented. There’s no doubt this has been the worst period for property landlords ever.”
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