In the wake of all the CVAs and administrations this year, lender appetite for financing all but the best-performing retail property has fallen away.

Rather than increasing their pricing to compensate for increased risk, many lenders are preferring to sit on the sidelines.

“Lenders are not ‘risk-reward pricing’ certain retail deals – they’re actually just saying ‘we don’t want to lend’,” said James Spencer-Jones, head of EMEA structured finance at Cushman & Wakefield.