The Minister for Justice, Equality and Defence Alan Shatter, has announced the publication of the Commercial Leases Database by the Property Services Regulatory Authority (PSRA).
The is a welcomed publication by Practitioners in general as it will bring greater transparency into the commercial property market.
Information contained in the Commercial Lease Database
The Register includes the following information in respect of all commercial leases entered into since 1 January 2010:
· The address of the leased commercial property;
· The date of the lease of the property;
· The term of years of the lease; and
· The rent payable in respect of the property.
All the above information is available free of charge.
With regard to commercial leases entered into on or after 3 April 2012, the Act imposes an obligation, on tenants of such properties, to furnish the following additional information to the PSRA:
· The commencement date of the terms of the lease;
· The capital consideration (if any) to be paid by the tenant or landlord in respect of the commercial property the subject of the lease;
· The frequency of the rent review in respect of the property;
· The particulars relating to who is liable in respect of the rates, insurance, service charges and repairs in respect of the property;
· The net floor area, per each floor, of the property;
· The particulars (if any) relating to rent-free periods, fitting out time allowed, fit out allowances and capital contributions in respect of the property;
· The particulars relating to any break-in clause in the lease;
· The certificate identification number (within the meaning of the Regulation 2 of the Stamp Duty (E-stamping of Instruments) Regulations 2009);
This additional information may be purchased online from the PSRA for a fee of €10 per lease. See PSRA website: www.psr.ie