British Land, one of the UK’s largest commercial landlords, has collected less than half the rent due from retailers on its estate, as tightened coronavirus restrictions force many businesses to close.
The company, which owns the Broadgate estate and a section of Paddington in London, said on Monday it had received just 46 per cent of the rent owed by retailers for the three-month period from December 25.
Almost three-quarters of British Land’s retail tenants were open in the four weeks leading up to Christmas, but restrictions to limit the spread of coronavirus since then have forced the majority to close.
Rent from previous quarters has continued to trickle in throughout the year, and the landlord has received close to three-quarters of what it was owed for the three-month periods from June and from September.
British Land’s office tenants have fared better through the pandemic, paying 95 per cent of the total rent owed for the December quarter.
