That Retail Property Guy
Welcome to That Retail Property Guy, the podcast where retail property expert Gary Marshall champions retail tenants and empowers professionals across the industry. With a career spanning decades, a dozen retailers, and millions in recovered losses for leading UK retailers, Gary shares his unparalleled knowledge to help retail tenants protect their rights, navigate leases, and maximise opportunities often overlooked by landlords, estates and accounts teams.
This podcast is your go-to resource for unlocking the mysteries of retail property. Whether you're an experienced professional, a mid-sized chain, or someone just starting in the industry, Gary’s insights will help you build confidence, avoid pitfalls, and thrive in this complex field.
Through practical advice, real-world examples, and interviews with industry leaders, That Retail Property Guy is dedicated to fostering development and knowledge-sharing for the next generation of retail property experts.
Listen weekly and discover how small insights can lead to big wins for retail tenants everywhere. Start your journey to retail property mastery today!
That Retail Property Guy
Maintenance, Repairs, and Dilapidations in Retail Leases
Understanding Commercial Lease Repair and Maintenance Obligations
This episode provides an in-depth overview of commercial lease repairing obligations, emphasising the importance of tenants understanding their responsibilities and double-checking them against those of the landlord. It explains the differences between Full Repairing and Insuring (FRI) leases and Internal Repairing and Insuring (IRI) leases, and the expectations set for tenants regarding proactive and reactive maintenance. Host Gary Marshall also delves into issues related to lease compliance, potential conflicts, and legal notices like the section 146 notice from the 1925 Law of Property Act. The necessity of professional advice for tenants to navigate their obligations and potential disputes effectively is highlighted.
00:00 Understanding Repairing Obligations in Commercial Leases
00:16 Types of Repairing Leases: FRI vs IRI
01:07 Proactive vs Reactive Maintenance
02:03 Insurance and Repair Costs
03:22 Elasticity in Repair Obligations
06:38 Landlord's Rights and Tenant's Responsibilities
07:33 Legal Actions and Tenant's Defense
10:40 Section 146 Notice and the 1925 Law of Property Act
12:37 Schedules of Dilapidations
15:00 Privity of Contract
15:06 Reinstatement Clauses
16:11 Accounting Implications, IFRS and FRS102
17:05 Final Advice for Tenants
Related episodes
IFRS/FRS102
RTFL!
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Go to ThatRetailPropertyGuy for more on Gary Marshall, Smarter Estates and the TRPG podcast. You can also check out the TRPG Blog for reading versions of key episodes.
For our niche 'Accounts Recoverable in Retail Property' business services, visit SmarterEstates
And find Gary and team on LinkedIn for regular updates and community info!
