Landlords, Can You Have
Too Good A Retail Tenant?
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Too good a tenant
We were recently dealing with a landlord who complained that he had too good a tenant, who over the years he had allowed to take up more and more of his retail units in a small local shopping precinct to the point where the corner shop (which had become the everything shop) took up seven of the nine units. He was concerned that the business owner may move on and it loses income stream. Upon further investigation it was discovered that each of the seven units had been let individually at a different time, so for the existing tenant to move he would have to gradually give back each of the leases, with the outer ones first, otherwise he would end up with a shop that was split.
Solutions to too good a retail tenant
One option you could have would be to offer the rental tenant the option to buy the other units and invest in his business. He would also have the benefit of having the time and energy to rent the second floor out, which was not practical for the landlord to needing a heavy hands on approach to manage the residential units, which he was not set up to carry out.
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