City of Westminster Council has announced a campaign called ‘Meanwhile On: Oxford Street’, which is set to allow up to 35 companies to house a prime store location for an initial six-month period.

According to MailOnline, Westminster City Council officials are trying to eliminate candy shops opening in the area, since it is predicated that the sweet stores have evaded approximately £8 million worth of business rates.

As part of the scheme, the successful candidates will have access to:

  • Tenancy for six months rent-free on Oxford Street, Central London.
  • Business rate reduction of 70% throughout the tenancy.
  • Store design, mentoring and management from independent retail consultants.
  • Marketing and PR support.

This scheme is expected to be welcomed, with many small businesses still struggling with the impacts brought by the coronavirus pandemic and subsequent economic effects. It should be noted that there are specific conditions that must be met in order for a business to be eligible, including have the potential to go on to launch a long-term store independently after developing their brand through the programme​ and have sufficient capital to cover the projects costs. If you are interested in applying, please click here to read the Applicants Guide.

Kathryn Johns, Senior Associate in Gordons Partnership’s commercial property department, said, “It is pleasing to see that commercial landlords such as those in Oxford Street are offering a step up to new brand concepts and assisting them to expand their retail offering, thinking innovatively for the benefit of both landlord and tenant.” Kathryn added that the plan will benefit both the landlord and the tenant.

As rates continue to rise for both commercial and residential properties in line with inflation in the UK, the scheme, along with similar regional campaigns elsewhere, including free parking in North Camp Farnborough Peabody Road – Rushmoor Borough Council and Basingstoke with specific offers for individual retailers Offers | Festival Place, provides a great opportunity for small businesses and start-ups to ‘get their foot in the door’.

The benefits of these schemes are expected to be seen in the long term, perhaps by offering rent-free incentives for different companies on a rolling six-month basis.

Commercial Property Solicitors Guildford and London

For companies looking to apply for a position on Oxford Street or any business about to enter a lease, Gordons Partnership can offer a quick review of your proposed short-term lease, offering a commercial review of the relevant title and due diligence enquiries. With this, you can be sure that the agreement you are entering into is appropriate for your circumstances and covers all bases, ensuring that your best interests are protected.

It is not advisable to sign a lease agreement without speaking to a trusted and experienced legal professional beforehand, as the risks involved could be detrimental to your business financially. Therefore, please get in touch with our team today. Our experienced solicitors would be more than happy to assist you. Call 01483 451900 (Guildford) or 020 7421 9421 (London). Alternatively, you can email sols@gordonsols.co.uk or fill in this contact form.

For more information about our commercial property services, please click here.