I would just have to wonder about the logic and thought process of a landlord who increases rent by 100% on what was a viable business in an area that has, I would speculate at least an 80% commercial vacancy level.
There is *nothing* in Smithfield in terms of commercial premises other than Fresh, the grocery store and 1 pub which is exceptionally quiet most of the time.
The lighthouse cinema was a key part of the development plan for that area, it was a marketing tool to attract more people into what is otherwise a dead and failed development.
So what's going to happen now? Who is going to pay this ridiculous rent?
No cinema chain's going to be interested in going in there in the current climate and I can't see any other commercial operation wanting to take the vacant premises at huge rent and with the massive overhead of having to covert a cinema into something else.
The decision simply defies all commercial logic and it strikes me that what we are looking at is completely disconnected companies / individuals who simply do not seem to comprehend or care about market reality.
What use is a huge rent if nobody's willing to pay it? The rent is what someone's willing to pay and it should be set by the market. It's not some notional value that a landlord dreams up in their head nor is it a right to charge any crazy rent that you can think up.
The market sets the rent through the laws of supply and demand and it's quite clear that the landlord in this case is setting a rent so high that there will be no tenants.
Is this not a bit odd?



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