While most property buyers are familiar with the Price Register of Residential Sales, the register of commercial leases is less well known.
Since 2012, the Property Services Regulatory Authority (PSRA) has maintained a register of commercial leases on their website, www.propertypriceregister.ie which is publicly available to view and download. The register includes the address of the property, date and term of the lease and the average annual rent payable. Since April 2012, additional information on rent reviews, capital contributions, rent free periods and break clauses are also available to view. It is a very useful tool when comparing rents and interest in a particular location.
Under the Property Services (Regulation) Act 2011, all tenants of relevant commercial properties must complete and submit the online form setting out the details of the agreed lease terms. If a tenant does not comply with the Act, without reasonable excuse, they will be guilty of an offence and liable on summary conviction to a class A fine of up to €5,000.
The PSRA identify commercial property leases by reference to the payment of stamp duty similar to residential property transactions and may issue a notice by post reminding a tenant of their filing obligations under the 2011 Act.
If you receive a notice pursuant to Section 88 of the Property Services (Regulation) Act 2011 from the PRSA, you can make a Commercial Lease Return once you have a copy of the fully signed lease to hand and follow this link https://www.psr.ie/psra-registers/commercial-leases-register/ .
If you would like more information, please contact cohagan@mwmlegal.ie
