The instinct in a portfolio rent programme is to write to every landlord. It is also the fastest way to get nothing, because a landlord who receives the same letter as three hundred others correctly reads it as a bluff.
Leverage exists where three conditions overlap: the site is genuinely substitutable, the landlord has concentration exposure across your estate, and the lease has a break or expiry inside the planning horizon. In the portfolios we have run, that intersection covers between 8% and 14% of sites.
Concentrate there, negotiate as a portfolio with the landlords who hold the most of you, and trade term for rate. Extension is the cheapest currency a tenant has and the one landlords value most.
This note reflects transactions completed by the group and is published for information only. It is not an appraisal, a valuation opinion or an offer of credit.