Exciting New Lease Options!
We have four key packages, which are designed to appeal to different types of occupier.
There is the Flexi Lease, which is a simple turnover-based model aimed at small and medium-sized businesses and startups, with shorter lease terms [three to 36 months] where they take white-box space. It can be super quick and allow a new type of occupier to come into our centres that traditionally might not have had access to it.
We have the Operational Lease, which is aimed at midsized or national brands where a traditional lease doesn’t work for them anymore. That has a turnover lease for a slightly longer term [three to five years] with an owner lease break linked to performance so we can take back the asset if we don’t think the tenant is contributing to the performance of a wider scheme.
Then there is the Flagship Lease. There’s not much to say on that, but some resilient occupiers still want a traditional lease, but again there are a series of metrics.
Then there is the Flexi Flagship Lease, which has the flexibility of a turnover lease, but for the duration of a Flagship Lease [five years plus]. Some brands might spend a lot on fit-out so they require a longer lease to make a return on that investment, or they might want the flexibility to test a market, so they need time to engage with their customer.