Lease of whole: industrial unit/warehouse on an estate
A standard document for a lease of the whole of an industrial unit or warehouse building on an estate in England or Wales. This standard document is structured as a full repairing and insuring (FRI) lease where the tenant repairs the demise but provides the flexibility for this obligation to be qualified by a schedule of condition. The landlord is responsible for insuring the property and the common parts of the estate, recovering its costs for the repair and maintenance of those common parts through a service charge. This standard document features valuable optional provisions, including a service charge cap reviewable annually against the Retail Prices Index (RPI), clauses to address uninsured risks, an upwards-only open market rent review with an optional cap and collar and a break clause. Adaptable for various scenarios, it can be used as a headlease, an underlease or a renewal lease and includes prescribed clauses and optional provisions for a tenant's guarantor .
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