News In Focus
22 February 2010
Dundas & Wilson helps develop new property lease
A new form of commercial lease that allows monthly rent payments and updates traditional legalese into plain English has been announced by Scots and English law firm Dundas & Wilson.
The lease, known as Clearlet, aims to reduce costs through less negotiation and greater clarity and to allow retailers to begin trading as soon as possible, providing quicker revenue for both parties.
D&W – which developed the new lease with UK property company Land Securities and two of its panel law firms – has completed the first deal using Clearlet, a letting to Telefonica at Leeds Trinity.
D&W partner Andrew Lewry, who led on the deal, said: “Clearlet has been very well received. It is Lease Code compliant so immediately saves time. Retailers' lawyers find the approach refreshing.
“Clearlet allows both parties to focus on deal specifics rather than age old arguments. It is more evolution than revolution, but the benefits for both sides will be tangible: a quicker completion equals a unit that is income producing for both owner and retailer, sooner.”