Tenants must submit lease information
Today 31st October 2013: The Society of Chartered Surveyors Ireland (SCSI) has welcomed the Minister for Justice Alan Shatter’s announcement of the publication of the Commercial Lease Database and said that it would significantly enhance transparency and the availability of important lease information in the market.
The SCSI said that it was pleased to see the recommendations for a Commercial Lease Database recommended in the 2010 Report of the Working Group on Transparency in Commercial Rent Reviews, to which it contributed, finally implemented.
Eamonn Maguire, Chairman of the Commercial Property Professional Group of the SCSI said “This announcement is very good news for the commercial property market and for the first time will enable tenants and landlords to access to detailed information contained within lease agreements which up to now have not been publicly available.”
Maguire compared the new Commercial Lease Database to the Residential Property Price Register which had a positive impact on the residential market and equipped both buyers and sellers with important information on transactions.
“The Commercial Lease Database is likely to have a very positive impact on the commercial sector and bring much needed transparency into the market and will assist with the rent review process by making all of the relevant commercial information available and putting all parties on an equal footing”.
The SCSI also said that it was important the tenants were made fully aware of their responsibility under the Property Services Regulation Act 2011 to complete the Commercial Lease Return form and return it to the Property Services Regulatory Authority (PSRA) within 30 days of signing a new lease.
“It is in all tenants interests to have access to detailed commercial lease information and we would urge all tenants who have not yet completed the Commercial Lease Return to do so as soon as possible to ensure that Commercial Lease Database works as intended”, concluded Maguire.