It is sad to hear of shops being financially squeezed at this moment in time when business is poor. Higher rents, rates and service charges can only lead to closures and staff redundancies, destroying the current sense of optimism in Aycliffe Town Centre’s redevelopment.
It appears the landlords whilst agreeing to upgrade and modernise their property are at the same time planning to get that investment back as soon as possible. Looking back over the years high rents and overheads have been a constant threat in Aycliffe Town Centre and the exodus of many private shopkeepers is part of that history.
The question is often asked why do landlords get so greedy and why do they seem to prefer to see empty shops rather than reducing rents to allow shopkeepers to continue trading? The rent plays a large part in calculating property value. It makes financial sense for an owner to leave a property sit empty rather than take a reduced rent. If you have a big property portfolio there might also be tax benefits on the annual balance sheet.
