Warning on rent review proposals

THE ongoing issue of rental pressure on retailers needs to be resolved between landlords, their tenants and their banks rather than government, according to the Irish division of international commercial property consultants, CB Richard Ellis.

CBRE said yesterday that there exists “huge concern” in the retail market concerning the proposals by the incoming Government regarding retrospectively reviewing rental agreements.

“While we acknowledge that many retailers are currently struggling to meet existing rental commitments, they say that instead of implementing a broad brush approach that will ultimately impact negatively on taxpayers, pensioners and indeed NAMA, the best way for the rent issue to be resolved is if landlords, tenants, banks and other stakeholders work together to come up with sensible solutions,” the company said in its first bi-monthly sector report of this year.