Mar 19, 2020

King’s Cross development landlord waives rent for 3 months

The landlord of London's King's Cross development is to waive rent for three months, in an effort to relieve the pressure piling on retail and leisure tenants, including Waitrose and Nike, hit by the coronavirus slowdown. Stores, restaurants and bars on the 67-acre King's Cross estate in London will not have to pay rent for three months from March 25, whether they remain open or are forced to close. The move comes as in the past week restaurant chain Carluccio's and department store group Debenhams said they were seeking talks for rent holidays to help soften the impact of coronavirus on sales. Argent is the first big landlord to offer a rent-free period to its tenants. Argent's King's Cross estate hosts "a lot of very small, niche retailers which will be facing massive cash-pressure. You don't want to be seen as a landlord who screwed them. You either put them into administration or you offer the rent holiday," said one retail expert who did not want to be named.

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