Sir, – Further to Cantillon's "Rents becoming key in examinerships" (July 23rd), in our experience the most belligerent landlords are those who have recently purchased retail park and shopping centre assets from Nama. While in the control of Nama some rent reductions were granted to tenants. However now that these assets have been sold, the new owners are seeking to revert to the full lease rent amount.
Worse still, they are also seeking rent payments quarterly in advance.
These new landlords are uninterested in having a sustainable tenant mix – they simply want to generate the highest return possible.
In most jurisdictions such as the UK, continental Europe and the US, commercial landlords and tenants work together for the common good. The landlord enjoys a share of the tenant’s turnover and takes an active and positive interest in the wellbeing of the tenant. In Ireland we have a far different class of landlord. – Yours, etc,
DAVID FITZSIMONS,
Chief Executive,
Retail Excellence Ireland,
Ennis,
Co Clare.
Sir, – As an election looms, the Coalition is at pains to inform the electorate of all of the progress it has made since in power.
However, Fine Gael has failed in one of its 2011 election promises – that it would tackle the problem of upwards-only rent contracts.These contracts are cited as the key reason for two well-known retail chains (Best Menswear and Mothercare) going into examinership this week, putting in excess of 400 jobs at risk.
Surely this is unfinished business for Fine Gael? – Yours, etc,
BARRY THORNTON,
Blackrock,
Co Dublin.