Mixed reaction to law banning upwards-only rent reviews

NEW legislation banning upwards-only commercial rent reviews for leases has received a mixed reaction, as it will not apply to current leases and may adversely affect pensions.

A proposed amendment to the Land and Conveyancing Law Reform Bill would target high rents at a time when businesses which can ill afford to pay them.

Retail Excellence Ireland (REI) welcomed yesterday’s announcement by Justice Minister Dermot Ahern, but expressed concern it will not reduce rent for its 8,500 retailers who are locked into current lease agreements.