UK based real estate, lettting and property agents

Unlike the single-page site plan attached to most shopping center leases, the site plan for a vertical mixed-use project consists of multiple pages showing parking levels, retail levels, and other relevant areas; paths of travel between the retail stores and the office and residential components; shared facilities such as loading docks, trash areas, and delivery storage areas; access and visibility corridors, no-build areas, and restricted-use zones; sign areas reserved to tenant or to landlord; reserved and restricted parking areas; valet drop-off points; and any other areas that are difficult to describe by narrative. A thorough review of the lease and the site plan should be made to confirm that all lease references to the site plan are reflected on the site plan, and that all areas outlined on the site plan are referenced in the lease. Subsequent to lease execution, changes to the site plan may be required in order to reflect the needs of new tenants or demands of governmental agencies. Although material changes should be subject to the reasonable approval of any tenant with a signed lease, the tenant should understand that the mixed-use project is a work in process until final permits are issued and that the price of being unwilling to include some flexibility in its lease for future site plan modifications may be that its lease gets put on the back-burner, resulting in loss of negotiating leverage and raising the possibility that it may be replaced by a more cooperative tenant.