Landlords: no income for two years | Glasgow sale
Rental income will be slow
Landlords whose tenants stopped paying rent at the start of the moratorium in March 2020 are facing the prospect of no income for two years following the extension to the Governments rent moratorium, it has been claimed.
Heather Powell, a partner at tax and advisory firm Blick Rothenberg and head of property, said: “No other industry has been asked to trade, or support their customers, in a similar way.
“It is appalling that the Government continues to treat the opportunist businesses who are generating profits to ignore their landlords and refuse to pay the rent due.”
She added: “The government’s announcement means that occupiers of commercial premises – offices, factories, restaurants, cafes and leisure venues cannot be evicted for not paying their rent until after 25 March 2022.”
Heather said: “The government is asking tenants to pay rent due as soon as restrictions are removed in their sector, if they are not already paying but this pious hope has no teeth.
She added: “Plans for a binding arbitration scheme to resolve disputes from March 2022 gives hope to those landlords who have the resources to survive until March 2022 as they may be able to enforce payment of what will be two years overdue rent from tenants who have traded profitably through the pandemic.
“However, landlords who do not have the cash to do this face fire sales, or worse.”
Glasgow office building sold
Real estate adviser CBRE has completed the off-market sale of an office building in Glasgow city centre to a private investor on behalf of Patrizia for in excess of £5.5 million.
The building at 84-94 St Vincent Street, pictured above, is home to a number of occupiers including Pizza Punks, Interstate Hotels, Crawford & Co and Visit Scotland.
The category A listed building comprises 42,343 sq ft of office and retail space over basement, ground and seven upper floors
JLL represented the purchaser.
Alastair Wallace outside new Quartermile offices
Thomas & Adamson
Scottish construction and property consultancy, Thomas & Adamson has relocated its headquarters to Quartermile in Edinburgh following 85 years in the city’s Wemyss Plac.
Its Glasgow base has moved to Libertas House in the city’s central business district.
Aside from being the latest company to take up office space in Quartermile, Thomas & Adamson was also part of the team involved in the creation of the new residential and commercial development alongside the former Infirmary buildings.
Alastair Wallace, senior partner, said: “While some businesses have spoken about moving towards a pure remote working model post-pandemic, we are firmly committed to having a physical location for staff to collaborate and learn from each other, as well as giving them more flexibility and support as we begin transitioning back into the office.
“It’s something we’ve dreamed about doing for a very long time, and the pandemic has given us the push we needed to reset the business.”