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The Centre of London and West End are areas assembled by appealing villages, which contribute to the unique atmosphere of these locations. This makes them desirable for corporate tenants, and consequently, rental prices are driven up. As a result of the increased rent, the independent business owners who give the location its specific character, are often driven out.
One affected area is the well-known and popular pocket in London called China town. The location’s rental prices have sky-rocketed, with one tenant reporting a rental increase with 270 percent, from £66,000 to £244,000 per annum.
The steep increase in rent has resulted in business owners in China Town coming together in an attempt to keep their rental levels at affordable levels. Their local initiative has resulted in 40 tenants signing a petition for transparent rents, as the first step in gaining control over their rental costs. The petition aims to create a rental situation where newcomers looking to rent in China Town are aware of the costs that other businesses are paying, so that they get fairer odds when negotiating rent with Shaftesbury, which owns the majority of the area.
Eugene O’Sullivan, Managing Director at Morgan Pryce, said: “Landlords have taken advantage of the market and demand in it for a long time, but by coming together, tenants can help each other and create a rental situation where people are not forced to pay too much for office space.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.