Next only prepared to pay a third of rent amid lease renewal talks, says landlord

Retailer to leave Strand Street in the summer

The owners of the building rented by Next say the retailer was only prepared to pay a third of its previous rental agreement.

The clothing and homeware store has confirmed it won't be renewing its lease for its Douglas shop.

In a statement to Manx Radio, Next said it wanted to renew the lease and remain trading on the Island, but that the landlord put forward terms that weren't 'commercially acceptable'.

However, the building is owned by Kelproperties, and a spokesperson says Next is "intransigent" in its offer of renewal, which is a third of the previous rental agreement, something Kelproperties is not prepared to accept.

But the developer says it is negotiating with two large retailers who have expressed an interest in the Strand Street store.

"Kelproperties has been negotiating with Next on the renewal of the lease for many months.

"Next is intransigent in its offer of renewal, which is a third of the previous rental agreement. Kelproperties is not prepared to accept such a reduction. 

"We are however negotiating with two large retailers who have expressed an interest in our Strand Street store." - Kelproperties spokesperson

The lease is due to come to an end on 30 June 2026.