Retail Property

LEASES can baffle even the most accomplished managements, but retail property lawyers at Bond Pearce can interpret unwieldy legal clauses to prepare the ground for swift completion of transactions.

The key skill is understanding the business as well as the law.

"We know what drives the need for space," partner Fiona O'Kane says.

"We mix with agents, get out and about and learn the client's business.

"We negotiate agreements for lease, leases and associated documentation such as licences to assign, alter and underlet but we interpret and identify risks in a business idiom."

The client receives the go-ahead from retail property lawyers who know how to assess the issues and risks and who have become integral to the work of managers and directors.

Some leases may contain provisions conditions that in day to day and operational terms are not particularly relevant to a tenant. Others could have a significant and detrimental effect.

Bond Pearce can boast legal perception - allied to commercial realism - that enables clients to learn from us what they need to know rather than a legal exposition.

"There can be many details in a lease that we don't have an issue with," Fiona says. "They need to need right but we work with the clients to focus only on what's relevant to their business. This saves everybody time and money. It is what we are paid to do and we add value by doing it"

"Our work involves landlord and tenant expertise much of the time but we are involved in freehold transactions, including high value purchases and disposals as well as general portfolio and asset management.

"This can involve new site purchases or sales of strategic value and may involve a level of conditionality such as planning consent."

The retail property law team sets a high pace. "We are driven by the need for a client if a tenant to occupy their identified space as quickly as possible because the premises are crucial for operational purposes," Fiona says.
"Acting for the landlord, the issues will differ but the key is to get a tenant in and trading and paying rent."

"That often means meeting tight timetables for site identification and acquisition under licence or agreement for lease. We have to allow time for a fit out period so that the client can open in time for Christmas trading or the summer trading period."