Wednesday, October 09, 2019

Thieves Falling Out

Please permit Socialist Courier a moment of schadenfreude.

A court's upheld an eviction notice from its landlord at a distribution warehouse in Gourock, Inverclyde. The site is owned by the M7  Real Estate which owns 800 industrial assets in 13 countries on behalf of its investors, with a fund worth more than £4bn. 

It is claimed the rent is as much as 60% below the market rate and last February, the  M7 Real Estate gave Amazon six months' notice to quit. It believes its action was the only way to get Amazon to respond to its demand for a rent increase, and those discussions are now under way. M7 is now seeking not only to evict Amazon but it also wants damages from the retailer for remaining on the site since August. 
Retail chains have been putting immense pressure on commercial landlords to lower rents. Although Amazon relies on a different type of commercial property, it is known for its muscular use of bargaining power. But the property investor is warning that there are no other similar sites in central Scotland to which Amazon could move at short notice.

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