The City of London Corporation has agreed to make rental payments more manageable for its smaller business tenants as they deal with the financial strain of the COVID-19 outbreak.
The City Corporation’s Property Investment Board has agreed to change rental payments for the March to June quarter to monthly billing for directly managed premises. This replaces the current quarterly billing scheme and makes rental obligations more manageable for City Corporation tenants.
As both local authority for London’s Square Mile and a significant commercial landlord in the area, the City Corporation is also considering measures to support affected businesses as part of a wider package that will deliver on Chancellor Rishi Sunak’s announcements.
Today the @cityoflondon Property Investment Board moved our small business tenants onto monthly instead of quarterly billing to help cashflow. We are now looking at additional measures to help those businesses most affected by COVID19
— Tom Sleigh (@tomsleigh) March 18, 2020
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Tom Sleigh, chair of the Property Investment Board at the City of London Corporation, said: “By switching to monthly billing, we are acting swiftly to help cashflow for our business tenants at these incredibly challenging times.
“By smoothing this financial obligation in the short term, we hope City businesses will be able to overcome this outbreak and continue to be a vital part of the fabric of the Square Mile long into the future.
“We aim to do all we can to assist our businesses, small and large, as they seek to weather the challenges they will face in the coming weeks and months.”