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Beware Side Letter

Although the case of Vivienne Westwood Limited v Conduit Street Development Limited is fact specific it is a crucial reminder of the care that must be taken when setting out concessionary terms in side letters between landlords and tenants. In 2009 Vivienne Westwood Limited entered into a 15 year lease of retail premises, however at the same time the parties entered into a side letter providing rent concessions. The lease provided that the annual rent payable was £110,000 with upwards only rent reviews in 2014 and 2019. Under the side…

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