Government imposes ‘upward only’ rents while opposing them in public

Shannon Development holds 43 leases with ‘upward only' review clauses, the IDA 63, and Údarás na Gaeltachta ‘several hundred’, according to its minister

LABOUR AND FINE GAEL have been challenged by Sinn Féin TD Peadar Tóibín as to why their government is imposing ‘upward only’ rent reviews on its own tenants while calling for an end to them elsewhere.

Shannon Development holds 43 leases with ‘upward only review clauses’, the IDA holds 74 leases of which 63 have ‘upward only’ clauses, and Údarás na Gaeltachta has ‘several hundred’, according to its minister.

Peadar Tóibín TD, Sinn Féin spokesperson on Jobs, Enterprise and Innovation, said:

“The Government is on record in opposition to the continued use of Upward Only Rent Reviews. It was a Programme for Government commitment and public promise made to businesses in the run up to the election.

“In the retail sector, 50,000 jobs have been lost and further 30,000 put at risk. A major component of these losses are uncompetitive rents.”

The Sinn Féin TD said the ending of these clauses and establishment of a market value rent does not depend on legislation.

“The Government should lift this burden on these companies immediately.”