shopping

Shopping centre owners still struggling to collect rent in Covid crisis

Struggling retailers increased the amount of rent paid to their landlords in September compared with three months earlier but still left property owners waiting to receive more than half of rental payments.



a large building: Photograph: Richard Saker/The Observer


© Provided by The Guardian
Photograph: Richard Saker/The Observer

Landsec, the property group behind the Trinity Leeds shopping centre and Bluewater in Kent, said that it had collected only a third of rents from its retail tenants, five working days after they were due, compared with 82% of rental payments from office tenants.

The Covid-19 crisis has taken a toll, with the company saying that a year earlier it had collected 89% of retail rents and almost all (98%) office rents during the same timeframe.

Overall, it received just under two-thirds (62%) of rent due in September from all of its commercial tenants, down from 95% a year earlier.

It was a similar picture at the rival property

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