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Sinn Féin tables legislation to end upward-only rent clauses in existing leases

14 March, 2012

Peadar Tóibín TD, Sinn Féin spokesperson on Jobs, Enterprise and Innovation, has submitted a bill that will end the operation of upward only rents clauses that continue to cripple SMEs and the retail sector in particular.
Peadar Tóibín said:
“I have submitted a bill entitled Financial Emergency Measure in the Public Interest (Reviews of Commercial Rents) Bill 2012 which empowers the government to seek a relief from upward only rents.
“The continued operation of upward only rent clauses, in existing leases, undermines viable businesses and creates unemployment. It also has a major impact on government, as departments pay in excess of €53 million per year for property under these types of leases.
“This is one issue that unities all the parties in the Oireachtas. All parties are agreed on the need to reduce costs to doing business and deliver better value to customers.
“The bill that we have submitted reflects a similar bill submitted by Labour in 2009 and supported by Fine Gael. The ending of upward only rents was a commitment in the Programme for Government and we believe that this bill provides a mechanism for delivering that commitment.
“We hope that all parties in the Oireachtas will support our bill and end the anti-competitive and anti-jobs practise of upward only rent clauses in leases.”

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