Bangor Leisure Centre - For Sale
Dunelm shrugs off gloom with 15% profit rise
12th February 2013
H&M to Open in Derry
SemiChem Seeks Pop Ups
Over 70 jobs created at The Outlet
1st December 2011
Poundland Reach 20 Stores in NI
Out to create Blue skies
Fixed Charge Receiver Update
Park Centre Secures New Tenants
B&M Open in Coleraine
TDK on the recruitment trail
Irish government U-Turn on upward-only rent reviews
Ireland’s government is set to abandon plans to outlaw upward-only rent reviews for commercial property.
Retail lobby groups were briefed on Friday that the plan to introduce retrospective downward rent reviews on commercial property and ban future upward-only rent reviews were likely to face insurmountable constitutional difficulties.
The likely move is a blow for tenants facing huge above-market rents agreed during the boom years of the Celtic Tiger.
But it is a key victory for landlords facing a further hit to the value of property which has already fallen around 60% from the height of the market, according to IPD, and particularly the Irish National Asset Management Agency, which bought €71bn of property loans from the nation’s banks.
Nama is now the de facto largest property owner in Ireland, and has said that a ban on upward-only reviews could cost it €2bn in property losses.
The pledge to end upward-only reviews was a key part of Fine Gael’s pre-election manifesto when it came to power in a coalition with the Irish Labour Party in February.
Story by Mike Philips on Propertyweek.com on 21/11/11 http://www.propertyweek.com/news/irish-government-u-turn-on-upward-only-rent-reviews/5028078.article