Many of our tenants’ lives and livelihoods have been severely impacted by COVID-19. Our objective since the start of this economic crisis has been to retain our diverse and independent tenant base.
The Arch Company is following the principles of the Government’s Commercial Property Code of Practice, which states that “tenants who are able to pay their rent in full should continue to do so, whilst those businesses that cannot pay in full should communicate with their landlord and pay what they can. Landlords should also provide support to businesses if they too are able to do so.”
As part of our commitment to be socially responsible long-term landlords of the estate, The Arch Company has so far provided three-month rent-free periods to 1,350 independent small business tenants severely affected, and other forms of support to many hundreds more.
Our objective since the start of this economic crisis has been to retain our diverse and independent tenant base. If your business is under threat, and you cannot afford to pay the rent, we want to hear from you. Please fill out the contact form below with a brief outline of your circumstances and we will contact you to find out more information and see if we can help.
Rent Reviews and Lease Renewals
In addition, if you have an outstanding rent review or lease renewal before April 2021, remember that we have an affordability mechanism in our Tenants’ Charter to help tenants who cannot afford the market rent. Previously the affordability mechanism was only open to longstanding small business tenants, but due to the COVID-19 pandemic we are extending it to all tenants who have a lease event outstanding or due by 24 March 2021.
The process is the same as a normal rent review – we will agree a market rent with you in line with RICS guidelines, which will reflect, amongst other things, the particular circumstances of your lease and your property. Once the market rent has been established, if it is at a level that you cannot afford, you can use our affordability mechanism to see if you qualify for assistance (e.g. a stepped rent). You would need to provide information about your trading and financial position so we can have an open and transparent conversation about what you can afford. Affordability is assessed based on profitability, cash flow, balance sheet, availability of government support and shareholder support.
The rent review and lease renewal processes are set out in our Tenant Handbook.
If you wish to postpone negotiations on your outstanding or upcoming rent review until April 2021, you are welcome to do so. This doesn’t change the effective date of the rent review, but it does mean you are not under pressure to agree a rent review now.
Coronavirus Support Unit application form
For ALL applications, please use the form below.