The recent pandemic has effected many landlords and tenants with tenants struggling to pay their rent and landlords suffering losses as a result.
Experts have considered various alternative models and one particular option is to move away from leases with an open market rent and instead move to a turnover based rent. Turnover rents vary and the calculation metrics can be tricky. It is advisable to seek the advice of a surveyor if you are considering this option.
Be aware though that using a turnover based rental model may only be personal to you and not included in the lease. It would be documented by way of a Side Letter so that only you as the current tenant would benefit. This type of model will also require transparency with the landlord expecting a thorough assessment of your financial accounts and this may not be something you are keen on.
If you would like to discuss the above in further detail, please contact our team.