September Quarter: significantly better collections than previous two.
Fisher German Vine manages in excess of 7,500 multi let units over England, Wales, Scotland and Northern Ireland and our systems allow us to monitor rent collection data very closely.
We have been very pleasantly surprised by the rent collection figures across all sectors in the days and weeks following the 29th September Quarter Day. On the day itself, our Industrial collection rates were nearly 30% better than the equivalent June day and 12% better three weeks past the due date. Even retail has seen a considerable pick up.
This is extremely positive news and demonstrates just how resilient and determined our occupiers have been.
Here are the figures:
These figures are based on rent demanded for the quarter and therefore includes those where monthly payments have been permitted which make the rate of payment even more remarkable.
Whilst offices and retail under our management is significant, industrial and warehousing makes up 80 % of the assets we have under management and the bulk of these are on multi let estates.
It is possible that the government intervention and support has improved the SMEs cash flow and these form a good part of our data. VAT and income tax payments have been deferred, small business grants made, CBILS and Bounce Back loans issued and the furlough scheme has paid wages.
We will remain vigilant as these payments are tapered off. Our Credit Control team has developed an effective strategy for rent collection whilst the usual tools of forfeiture and the bailiffs are suspended.
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