Letting Policy for Commercial Property
One of the main aims of the Fitzrovia Trust (FT) is to let its commercial premises to tenants who provide shops and similar uses.
We are aware of both the overall decline in the number of independent shops and the creation of Use Class E which includes offices, cafes and restaurants as well as retail uses. However, we maintain that there are new entrepreneurs (such as at Miel) seeking retail floor space if the locality and rent levels are sufficiently attractive.
The FT is therefore seeking tenants which achieve the following:
- Provide goods and services which are relevant and of use to local residents, possibly including ancillary services such as selling hot drinks and alcohol;
- Have a sound business model and a good track-record;
- Add vibrancy and visual attraction to Warren Street;
- Complement other tenants and increase footfall in the area to the benefit of all outlets.
Tenants in Warren Street which currently meet these criteria include Honey and Spice and Miel.
In order to attract the right tenants to our properties we are willing to offer:
- Long-term leases with limited rent reviews;
- Rents which reflect local market conditions and the nature of the goods and services provided.
We particularly favour:
Speciality food shops
High quality stationers
It may be necessary to include approved and specified uses in the final lease.