Guardians of the Arches started as a collective of railway arch tenants from Hackney in London. It has grown into a national association for commercial tenants, with over four hundred members and counting. Network Rail controversially sold off most of its national portfolio of railway arches in February 2019 for £1.35 billion.
The new owner, The Arch Company, is a joint venture between Blackstone and Telereal Trillium. Despite over five thousand commercial tenants in the portfolio, the government failed to give any consideration to their interests in the sale.
Colman Coyle have been working closely with the Guardians since November 2018 to protect the interests and legal rights of these commercial tenants.
We are pleased to announce that a code of good practice, The Tenants Charter, will now apply between The Arch Company and its tenants. The Tenants Charter was created following a recommendation in the House of Commons and will be monitored by the Public Accounts Committee. The story has been reported in the Daily Telegraph and Evening Standard.
Leni Jones, Director of Guardians of the Arches, said:
“We are pleased that The Arch Company has made firm commitments to implement strong levels of customer service and complaints escalation. In particular, the Arch Co’s commitment to adhere to RICS Standards is welcome.”
Michael Large, a Senior Associate in our Litigation Department advised the Guardians and was a member of their negotiating team.
If you are a commercial tenant of railway property and require legal assistance with any aspect of commercial or residential property litigation, please contact Michael Large on +44(0) 207 354 3000 or email@example.com.