An 8th February article that featured on Property Week Metropolis
speculated over an unusual rumour concerning a ‚ÄúCorbyn Clause‚ÄĚ.
The clause, an alleged caveat or ‚ÄėCorbyn Clause‚Äô purportedly attached to offers made by an international business searching for approximately 40,000 sq ft of office space in London. Named thus as the tenant would require a guaranteed rent reduction should Jeremy Corbyn obtain the keys to 10 Downing Street!
Metropolis sought to establish more information surrounding the story and the article goes on to read as follows..
"So we rang excitedly round the offices of London‚Äôs leading agents to ask senior players if this ‚ÄėCorbyn Clause‚Äô was gaining any momentum ‚Äď Momentum? Geddit?
John Slade, the former BNP Paribas Real Estate man now at Evans Randall, said he‚Äôs never heard of it and that it was ‚Äúextremely unlikely a vendor would agree to it‚ÄĚ.
Colliers‚Äô UK chief Tony Horrell was also none the wiser. ‚ÄúNot heard of that yet,‚ÄĚ he insisted. So it‚Äôs clearly not a thing. Or is it?
John Forrester, global, world and international president of the universe at Cushman & Wakefield, suggested that nothing is impossible. While he insisted it was unlikely, he added that there‚Äôs ‚Äúalways a first time‚ÄĚ.
Weeks passed until Metropolis communicated with our chairman Neil King
who recalled a similar set of circumstances prior to the election in 1987.. In the follow up article
Mr King relayed to Metropolis
that he did indeed encounter a similar position whilst instructed to sell 2 Hyde Park Street, an apartment development overlooking Hyde Park by Rosehaugh Copartnership.
Mr King recalled that Mountleigh Estates made an offer for the development that was conditional upon Margaret Thatcher winning the 11th June election against Neil Kinnock.
‚ÄúThe night of the election I watched the results until 5am and then staggered to bed,‚ÄĚ says King. ‚ÄúThe next day, Friday 12th June contracts were exchanged at 10am with completion shortly after.‚ÄĚ
There are local elections imminent, are there parallels and other precedents from 1987 in play.....?