Greene King launches new five-year lease
Greene King Pub Partners, the 800-strong estate, has launched a new five-year tenancy agreement.
Under the terms of the new lease tenants will no longer be subject to three-yearly rent reviews but their rents will be subject to annual RPI increases, which will be fixed at the outset of the agreement.
The new lease will replace its nine-year tenancy agreement and is designed to offer tenants greater flexibility. The new lease comes into force from October 31.
Commercial director Paul Lloyd said: "This new agreement provides an attractive and fair alternative to the traditional rent review process.
"Our policy is to work with our tenants to ensure that we are offering them the best deal in the market; we want our tenants to benefit from the success of their pub and reap the rewards of their hard work - this new agreement does just that."
Agreement features:
- Rent fixed for the term of the agreement
- RPI added each year - no performance rent reviews
- Higher level of support in year one
- Landlord and tenant protection after year one
- Certification of services
- Machine income shared 50/50
- GK repair all exterior
- Tenant responsible for interior
- Agreement terms are easy to read and understand.
