Lease of whole: industrial unit/warehouse (not on an estate)

by Practical Law Property

A standard document for a lease of the whole of an industrial unit or warehouse building not on an estate, in England or Wales. This standard document assumes the landlord does not retain any part of the property and the property does not form part of an estate owned by the landlord, meaning it does not contain service charge provisions. It is structured to function as a full repairing and insuring (FRI) lease, while also providing the flexibility for the tenant's repair obligation to be qualified by a schedule of condition. The landlord is responsible for insuring the property and this standard document includes valuable optional provisions to address uninsured risks. Further options cover an upwards only open market rent review, which can include a cap and collar, and a break clause. This versatile standard document can be adapted for use as a headlease, an underlease or a renewal lease and also incorporates prescribed clauses and optional provisions for a tenant's guarantor.