Copy the occasion.
Understand the consumer.

Little Tokyo is a useful case study. The strongest transferable hypothesis is its mix of destinations, jobs, access and late hours—not the ethnicity of the neighbourhood.

A CONSISTENT LENS / DIFFERENT LOCAL MARKETS

Put the markets
side by side.

Same 800m resident catchment method. Transport measures retain their own geography and vintage. Change the investment lens to test how the rankings move.

Investment lens

Rows are research candidates. The score is a transparent prioritisation judgement, not a probability of success. Annual station movements are not unique visitors or pedestrian counts at the proposed unit. Existing-store proximity is straight-line distance, not measured cannibalisation.

SHOW YOUR WORK / EVERY CLAIM HAS A SCOPE

Ambitious strategy.
Auditable evidence.

This atlas is built to start a property search and focus fieldwork. It brings together public demographic data, measured and reported traffic, brand evidence and explicit analyst judgement.

LOS ANGELES → LONDON / THE ACQUISITIONS DESK

Reference for Dannon

A quick US-to-UK guide for Dave’s London property decisions.

Checked 18 September 2026 · Leasing law: England and Wales · Business rates: England

Speak the London market’s language.

Useful comparisons, not identical legal concepts. Linked terms open the source.
US starting point	London terminology	What matters in the deal
Rent quoted per sq ft	Zone A / ITZA ↗	Confirm annual £ rent and £ per sq ft. ITZA means “in terms of Zone A”: depth-weighted shop area, not the whole floor area at one rate.
Percentage rent	Turnover rent ↗	Agree which sales count: delivery, online orders, click-and-collect, returns and VAT.
NNN / triple net	FRI ↗	Full repairing and insuring. Not an exact NNN equivalent: read repair, insurance and shared-cost liabilities.
CAM charges	Service charge ↗	Check the budget, apportionment, exclusions, cap and reconciliation. Business rates are separate.
LOI / term sheet	Heads of terms ↗	Usually subject to contract. Agree the commercial deal; solicitors then document the lease.
Renewal protection	Inside / outside the 1954 Act ↗	Inside: qualified statutory renewal rights. Outside: validly contracted out. Distinct from a negotiated option.
Property-tax cost	Business rates ↗	A separate non-domestic occupation tax. Rateable value is not the bill or necessarily the passing rent.
Rent resets / escalations	Rent review ↗	Check dates, basis, assumptions, caps and collars. Passing, market and net effective rent differ.
Leasing / broker	Lettings / property agent	An occupier seeks premises; the landlord lets them. Ask who the agent represents.
Tenant improvements / TI	Fit-out / lease incentives	Negotiate any landlord contribution or rent-free period; confirm the works and approval obligations.
Trade area / neighborhood	Catchment / neighbourhood	Define the boundary and customer occasion. Footfall, station movements and residents are different measures.

THE DEAL PATH

From search to signed lease.

Brief the agent. Catchment, frontage, floor area, rent budget, servicing and trading hours.
Agree heads of terms. Term, breaks (early termination rights), reviews, incentives, repairs, deposit/guarantee and 1954 Act position.
Solicitor due diligence. Review title and lease; check planning, extraction, late-night permissions and landlord approvals. A lease does not confirm these.
Complete the lease. Resolve conditions and the works programme; organise the fit-out and opening.

PRICE THE TOTAL COST

Rent + business rates + service charge + insurance. Separately budget fit-out, professional fees and operating costs.

Ask for the net effective rent after incentives, the rates bill and the service-charge budget. FRI does not make these one number.

LIVE ISSUE / RENT REVIEWS

Enacted. Not yet in force.

The English Devolution and Community Empowerment Act received Royal Assent on 29 April 2026. The ban on upwards-only reviews in qualifying England and Wales business tenancies has not commenced as at 18 September 2026.

Existing clauses were not automatically cancelled. Check commencement, lease dates and transitional rules; fixed pre-agreed steps are not automatically prohibited.

Royal Assent ↗Commencement ↗Scope ↗

TAKE INTO THE ROOM

“What is the total occupation cost, is it inside or outside the 1954 Act, and how are you reflecting the rent-review reform in the heads of terms?”

Copy the occasion.Understand the consumer.

Put the marketsside by side.

Ambitious strategy.Auditable evidence.

Reference for Dannon

Speak the London market’s language.

Copy the occasion.
Understand the consumer.

Put the markets
side by side.

Ambitious strategy.
Auditable evidence.