The coronavirus pandemic is hitting U.K. commercial property hard, as retailers close for an indefinite period and shoppers remain locked down at home.
"We have received a variety of requests for rent deferrals, monthly payments, and waivers, which we are reviewing on a case-by-case basis," Hammerson said last week., a U.K. real estate manager, has noted a "huge shift" in how its buildings are used due to the "rapid spread of CV-19". The company added that 65% of the rent due on 25 March was paid by 31 March, compared with 96% for the same period last year.
Government orders to stay at home were introduced on March 23, and although they are due to be reviewed next week there is no end date for the lockdown yet. WEYMOUTH, ENGLAND - APRIL 05: General views of closed Debenhams store on April 05, 2020 in Weymouth, United Kingdom.In the meantime, the Italian restaurant chain Carluccio's and rent-to-own retailer BrightHouse have fallen into administration. Cath Kidston, another U.K.
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