Cadogan joins Grosvenor with rent relief offer

Cadogan is providing 100% rent relief to all of its retail, leisure and food and beverage tenants for the next three months. It is also offering to switch rent payments from quarterly to monthly and on a case-by-case basis is creating tailored finance. To date it has helped around 200 businesses within its 93 acres around Chelsea, SW3, and Knightsbridge, SW1. Cadogan is also in talks with the local NHS around how property and car-parking spaces can be put to use helping frontline medical staff. Hugh Seaborn, chief executive of Cadogan, said:“In line with the chancellor, we are doing whatever it takes to ensure the future vibrancy of the area and seeking to safeguard everything that makes Chelsea so special. “It is heartbreaking to see the potential damage to communities and to help avoid this we continue to stand shoulder-to-shoulder with the numerous shops and restaurants that are at the very heart of the area.” Cadogan’s response comes as several companies, including neighbouring landed estate Grosvenor, stepped in to help occupiers in the wake of a country-wide lockdown. Grosvenor is wavering the current quarter’s rent for most of its retail and food and beverage tenants and is also looking into providing some of the estate’s residential apartments to the NHS. The City of London Corporation has extended its rent relief offer to include its serviced office tenants and some small office tenants as well as all its leisure, food and beverage tenants. In addition, retail tenants, bars, supermarkets, pharmacies, banks and building societies will benefit from being able to defer one quarter’s rent applicable to either the March 2020 quarter or the June 2020 quarter. These tenants will be allowed to repay the deferred quarter’s rent over 12 months from the end of September 2020 to end of September 2021. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette