Sub-letting small commercial unit

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Asking this question for a friend. The family have been running a business by renting a small retail unit for about 55 years. Approx. 20 years ago the owner of the unit attempted a major increase in rent in order to remove the tenant. After a legal battle the court decided that the increase wasn't lawful. Now the person renting wants to retire, has no other means of income and was advised that the unit could be legally sublet. My friend wants to go ahead with subletting but is unsure if an estate agent is the correct first port of call and what other factors might be involved. Thanks in advance
 
What does his lease contract say?
How long does he have left on his lease?
 
The lease contract dates from the 1950s so I would think it is fairly general. Not sure how long is left on the lease but I expect there's another 20+ years as legal advise is that it can be sublet.
 
Think sub letting could be a headache (what if new tenant stopped paying rent or maintain the property) and lease unlikely to allow for it. Would he not sell the business including the lease? Be far more straightforward I would have thought. Or come to a agreement with the landlord to retire and hand back the property for a sum of money
 
The business is a small local family one which is being ousted by multi-national retailers. The owner of the unit is currently not interested in agreeing a buy-out. I'm just posting to consider the options involved in subletting. Thanks
 
Two options.

1. As you have looked at, subletting. This cannot be reasonably refused by the landlord.

2. Selling the lease. Again the landlord cannot prevent this once the new tenant can show good financial standing.

In option 2 the landlord has the opportunity to match the price you have received and take back the unit upon paying that price.


I'd be looking at option 2 and hope a pharmacy or other business that would do well there would make a decent bid.

A good commercial estate agent will advise.
 
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