This is the burning question on the minds of those who own shops. We all know how badly the retail sector and commercial property market has been affected over the past 9 months and the news is going from bad to worse. Over the past week, it has been widely reported that the number of people contracting and dying from corona virus is rising. This is having a knock on affect for the economy and the commercial property market, particularly the retail sector. Unemployment is rising, banks are closing high street branches, landlords only collected 50% of commercial property rents for the period September to December, Debenhams looks like it may disappear from out high streets as they are failing to find a buyer, Vue announced it is to shut 25% of its UK cinemas, Edinburgh Woollen Mill who own Jaeger and Peacocks is on the brink of collapse, HSS Hire Shops are to shut half of its sites, pubs and restaurants are closing at an alarming rate and today it was announced French Connection expects to permanently close more stores in the UK. We at Sell My Commercial Property have seen a huge increase in the number of enquiries over the past 3 months as commercial property owners who own retail shops are extremely concerned abut the future and are committing to sell, even if it means making a loss, before they lose everything. After all, how can these landlords continue holding commercial property if their tenant cannot pay rent and moves out, their shops sit empty, they have to pay empty rates and insurance and they are still having to pay interest on their commercial mortgages and loans.
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