Some of Britain’s biggest property owners accused the government of allowing retailers to “raid the nation’s pensions and savings” after ministers extended a ban on landlords recovering rent debts for
John Coles: known for his ‘passion for the provision of good-quality housing’
Tributes have been pouring in for the residential real estate veteran, who died on Saturday 27 February of pneumonia while undergoing chemotherapy treatment for cancer.
Credited as one of the earliest figures to identify the growth of PRS and more recently build-to-rent (BTR), Coles forged a reputation over many decades as a leading property investor and advocate for high-quality, affordable housing.
Coles started his career as a cattle auctioneer before rising up the ranks of chartered surveying. In the early 1990s, he teamed up with chartered accountant Chris Butterfield to buy up residential property that was being offloaded by companies looking to exit the government’s Business Expansion Scheme.
Kwasi Kwarteng MP, the business secretary, added that the moratorium will give firms “breathing space”.
“We’re doing everything we can to ensure businesses get the support they need to get through this pandemic and reopen when it is safe to do so,” he said.
However commercial landlords have slammed the decision, saying “well-capitalised businesses, who can but won’t pay rent, have raided our nation’s pensions and savings invested in commercial property – this scandal must stop”.
“With further rates relief and new grants, and a clear plan for re-opening, high streets businesses should be confident in approaching their property owners to forge an economic partnership in which they can agree how to manage rental debt fairly,” said Melanie Leech, chief executive of the British Property Federation.