Since 2012, the Property Services Regulatory Authority (PSRA) has maintained a register of commercial leases on its website Commercial Leases Register – Home Page (propertypriceregister.ie) which is publicly available to view and search. 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.
The Property Price Register for residential properties has become an indispensable tool of house hunters since it was established in 2012. As the Commercial Leases Register is now in existence over 12 years the database has become a very useful resource when comparing rents in a particular location.
Under the Property Services (Regulation) Act 2011, all tenants of relevant commercial properties must complete an online form setting out the details of the agreed lease terms within 30 days of the payment of stamp duty. 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.
All of the information you need to file the return is contained in your lease. We furnish clients with a copy of their stamped lease at the end of their lease transaction. You can submit a Commercial Lease Return online free of charge by following this link https://www.psr.ie/psra-registers/commercial-leases-register/ .
If you would like more information, please contact cohagan@mwmlegal.ie
