Lease of whole: retail unit on an estate

by Practical Law Property

A standard document for a lease of the whole of a retail building on a retail estate in England or Wales. This standard document is structured for a tenant that repairs the demise and can be used as a full repairing and insuring (FRI) lease, with an alternative for the tenant's repair obligation to be qualified by a schedule of condition. The landlord retains responsibility for insuring the estate and for the repair and maintenance of its retained parts, recovering costs through a detailed service charge. This standard document offers optional provisions for a service charge cap, reviewable annually in line with the Retail Prices Index (RPI) and for an upwards only open market rent review with a potential cap and collar. It also contains optional wording for a break clause and provisions to deal with uninsured risks. This versatile standard document includes prescribed clauses and can be adapted for use as a headlease, an underlease or a renewal lease, with optional provisions for a tenant's guarantor .