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December 01, 2009

Good News on Rents for hard pressed Retailers

There is good news for hard pressed retailers and businesses in Kildare as upwardly only rent review clauses are to be banned, according to local Fianna Fail TD and Convenor of the Oireachtas Enterprise Committee, Michael Fitzpatrick.

“The Minister for Justice, Equality and Law Reform, Mr Dermot Ahern, TD, has banned upwardly only rent review clauses in business leases.”

“The Minister signed the banning order today under section 132 of the Land and Conveyancing Law Reform Act.”

“Kildare retailers and other businesses will see the benefit of this new law when it comes into operation on 28 February 2010. The delay of three months will allow the proposed changes to be taken on board by the market.”

“I am pleased that this law has come into effect. It is only right, that at a time when residential rents are dropping and the cost of living is reducing that Kildare businesses should also be able to take advantage.”

“Retail sales have decreased and many other businesses are also under pressure so this new law will give peace of mind to those feared that a rent increase might put them out of business.”

“I am happy that the Government is giving this practical support to retailers and other businesses and I am confident that this measure will assist them,” concluded Deputy Fitzpatrick.