Business in Ireland

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Eamonn Maguire
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End of "upwards only" rent review lease clause
The Irish Government have moved to ban the market practice of including "upward only" rent review clauses in business leases.

Ironically the ban came about after intensive lobbying from retailers constrained by artificially high rents in their current leases.

Because the legislation cannot be retrospective, those existing leasehold interests devoid of lease break options, will be more difficult to assign, post Ministerial order.

Going forward property interests will now look to the mainstream european lease models. Such a direction will improve market liquidity in the long run, bringing rental levels into sync with the prevailing market.
- 02 Dec 2009, 1:46 pm
Eamonn Maguire wrote: > The Irish Government have moved to ban the market practice of > including "upward only" rent review clauses in business leases. > > Ironically the ban came about after intensive lobbying from retailers > constrained by artificially high rents in their current leases. > > Because the legislation cannot be retrospective, those existing > leasehold interests devoid of lease break options, will be more > difficult to assign, post Ministerial order. > > Going forward property interests will now look to the mainstream > european lease models. Such a direction will improve market liquidity > in the long run, bringing rental levels into sync with the prevailing > market.