This happened at Leeds Kirkgate Market in the
UK but it relates to a rent reduction during construction work on a building
refurbishment so it is of interest in view of QVM’s upcoming renewal.
Leeds City Council introduced a 20% rent
reduction last year to mitigate the effect of a A$25 million refurbishment of
the historic market. The rent reduction was to end at 31st March 2016 but traders have successfully
negotiated an extension until hoardings are removed to reveal the works that
started in March 2015.
The market refurbishment has been under way for the past year and
although the council insists “much work has taken place to minimise disruption
to trade”, it has agreed to “extend the existing arrangements to offset the
current trading conditions”.
