Park Cakes create cakes for M&S including the beloved Colin the Caterpillar cakes. Decided in the Leeds Business & Property Court about options in leases and whether the subsequent leases are in the 1954 Act. Richard covers market rents and potential upwards and downwards rent reviews. 

In this episode, hosts Richard and Lizzie take a closer look at Park Cakes V Caterpillar Property Limited (M80LS041 20 March 2026), a decision from the Leeds Business and Property Court involving Park Cakes, the manufacturer behind M&S’s iconic Colin the Caterpillar. This is not just a story about cakes. It’s an exploration of how options in leases operate, including what happens when those options are exercised and whether any resulting lease falls within the protection of the Landlord and Tenant Act 1954. Richard explains that a renewal option gives the tenant an extra choice, not an automatic outcome and the real value lies in deciding which route to use, and when.

When it comes to lease options, you can’t always have your cake and eat it.