Sunday, 17 April 2016

Market Rent Reduction Extended

This happened at Leeds Kirkgate Market in the UK but it relates to a rent reduction during construction work on a building refurbishment so it is of interest in view of QVM’s upcoming renewal.
Leeds City Council introduced a 20% rent reduction last year to mitigate the effect of a A$25 million refurbishment of the historic market. The rent reduction was to end at 31st  March 2016 but traders have successfully negotiated an extension until hoardings are removed to reveal the works that started in March 2015.  
The market refurbishment has been under way for the past year and although the council insists “much work has taken place to minimise disruption to trade”, it has agreed to “extend the existing arrangements to offset the current trading conditions”.