Hi Kellie,
If all tenants in the group:
- are of a similar size (e.g. a group of non-anchor tenants);
- have a similar ownership structure (e.g. each business is a private company owned by shareholders, etc.);
- share the same concerns about the new one (1) year retail leases offered;
- have been offered the same lease terms; and
- looking to save on legal fees,
then approaching a solicitor with experience in retail leases, as a group, is a strategy that you may consider.
It is ultimately at the individual solicitor's discretion as to whether they are comfortable to represent one or all of the tenants.
From a practical perspective, responding to the new shopping centre owner as a group is a commercial decision that needs to be considered against the unique circumstances of your situation. For example:
- What is the supply and demand balance for tenants in the shopping centre? That is, if the group was to leave the shopping centre, how difficult would it be for the shopping centre owner to find new tenants to replace the group?
- What is the power/voice of the individual tenant vs the group of tenants? That is, is the shopping centre owner more likely to listen to the group?
Hope this helps. Please keep us updated with your progress.