RETAIL Excellence Ireland (REI) has welcomed the Seanad’s support of an Upward Only Rent Review Bill, proposed by Senator Feargal Quinn.
Ennis-based David Fitzsimons, chief executive, REI stated “This is a significant decision taken by members of the Seanad who are very aware of the untold damage being done to family businesses and jobs because of the continued existence of upward only rent review clauses.
“The Bill proposed by Senator Quinn is very fair and balanced and provides for a temporary reduction in commercial rent to a market level. The Government will quote Constitutional issues however our Senior Council advice is clear that the Bill in no way undermines Constitutional property rights. It is a fact that many large private landlords and pension funds have refused to grant tenants any rent relief and have overseen a significant level of business failure and job loss,” he said.
Mr Fitzsimons said the last six years have proven that a cohort of landlords are unwilling to work in partnership with their tenants.
“NAMA have provided some relief to tenants but only when that tenant business is on its last legs. Furthermore NAMA cannot compel landlords who’s loans are in NAMA to grant rent relief to struggling tenants. We urge the Government to accept that this is a very balanced and equitable Bill which will protect vulnerable jobs and small family businesses in the Irish retail industry,” he said.