Rent Recovery

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When COVID-19 first emerged as a threat, nobody could have predicted that among the impacts would be a two-year moratorium on the main remedies for enforcement of rental payments. Unravelling the problems this has caused is one of the more complicated challenges which the pandemic has left behind, as government has to balance the protection of business occupiers with repairing the damage to the property market, through a mix of compulsory measures and persuasion.

Where does that leave the landlord who needs to recover rent to satisfy shareholders and comply with banking covenants? Half a loaf is better than no bread, and rental concession agreements continue to be part of the picture. Indeed, with a beefed-up Code of Practice and compulsory arbitration, there is pressure to continue to support occupiers’ businesses in this way. However, a number of remedies have remained available throughout the pandemic, and with the prospect of the final lifting of almost all restrictions in March 2022, commercial landlords will now have some effective measures to take. This will be particularly welcome as regards the few businesses which have taken advantage of the restrictions to withhold payment of rent even though well able to afford it.