Morrisons pass on leasehold interest at Kingsmead.

The Hawk

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Gareth

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But is the interpretation of the original LXB any clearer?

the piece by insider media at least gets to the point in a layman's terms kind of way.

the original is ambiguous but it is clear without doubt LXB had the leasehold interest and it is them who have given it up. Morrisons cannot give up something that was not theirs. Unless we refer to the lease ( tennant), which this is not


Definition of leasehold interest referred to as landlord:

leasehold interest is, on the other hand, a temporary right to occupy land or property. A person who owns the freehold interest in a property may grant a lease on it to another person. This creates a relationship of Landlord and Tenant (or Lessor and Lessee). The lease will be a lengthy, written, legal document based on property and contractual law which sets out the rights and obligations of both the Landlord (Lessor) and Tenant (Lessee).

Although the lease on any property will be a complex document, the basic principle is that it will give the Tenant (Lessee) the right to occupy the property for the period specified in the lease. The lease will normally specify that the Landlord (Lessor) will have to allow the Tenant (Lessee) ‘quiet enjoyment’ of the property provided that the Tenant (Lessee) in turn observes their duties under the lease. The principal duty normally being to pay the rent specified in the lease to the Landlord (Lessor).
 
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Gareth

Well-Known Forumite
An article by Alliance news with some small but key additions-


real estate investment company focused on edge of town and out of town retail assets said a previous deal it had agreed with Wm Morrison Supermarkets PLC, regarding the surrendering of LXB's leasehold interest in the site, will take place simultaneously with completion of the sale.

Morrison had previously signed a lease agreement for the 71,500 square foot foodstore at the site, which anchors the Kingsmead Stafford scheme.

so if LXB have instigated the surrender of the leasehold interest why do all the articles imply LXB are making money off the 2 transactions including the sale of the land. Surely if it wad the other way LXB would pay Morrisons or they would call it quits.
 
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Gareth

Well-Known Forumite
If Morrisons are out why submit a planning application for an alcohol license last month??

Still all odd.
 
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John Marwood

I ♥ cryptic crosswords
Morritose

A unique shopping experience

A brand new way to shop either 1st or 2nd class

Choose the Less door or choose the Fewer door, either way ( or either way ) we guarantee you will resent your fellow shopper for ever
 

Confused

Well-Known Forumite
Morrison's interim results are due on 15th September, maybe all will become clearer then. I guess we are in a period of purdah for Morrison's as far as financial figures are concerned?

The whole sorry story can be followed on Google news:

https://www.google.co.uk/search?q=m...ved=0ahUKEwjRgtTPxd3OAhWHVhoKHeJ8AzoQ_AUICigD

Myself I think it's been fairly obvious since 25th January 2015 that Morrison's were not going to take the site. They were so clear in their non-commitment:

http://www.staffordshirenewsletter....espite-store/story-25913560-detail/story.html

One of the two transactions referred to is Morrison's paying to surrender their 25 lease that was signed several years ago. http://www.propertymall.com/property-news/article/27407-Kingsmead,-Stafford

Just as SCC have paid the National Trust £20m to surrender the 50 year remaining lease on Shugborough.
 

Confused

Well-Known Forumite
If Morrisons are out why submit a planning application for an alcohol license last month??

Still all odd.

Yes that threw me too. I posted the picture at the time.

It's either:

a) A smokescreen by Morrison's
b) A condition of the surrender of the lease. Who knows someone else may be interested and it's short-cutting the alcohol approval process
c} A trick by a joker with a printer and a laminater
d) Something else. :)
 

John Marwood

I ♥ cryptic crosswords
Waitrose's largest ever store, in Canary Wharf London, is slightly larger than the Ghostorrisons site in Stafford

Stafford has a banking sector slightly less than the 4 red telephone boxes in the Market Square
 
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