A business lease is a legally binding contract between the legal owner (landlord) and the occupier (tenant). Leases may contain a provision allowing either party to initiate a rent review. The rules by which the rent can be changed should be clear and understandable. The basis of a rent review should be the market rent unless clearly stated otherwise. If any increases/decreases are fixed to an index the basis should be a published, independent and authoritative source.
If there is a market rent provision, it should specifically exclude (or disregard) any improvements the tenant makes (other than as part of an explicit obligation) or any value arising from the tenants business. There should be provisions in the event of any disagreements which will be referred to an independent expert or arbitrator to determine.
Parties should understand the basis on which the rent can be changed, that it can go up or down, is fixed for a longer/shorter period, is linked to Consumer Price Index (CPI) or RPI. Both parties should think very carefully before deciding whether or not to initiate the rent review.
Rent review clauses in modern leases allow for the rent to be revised either upwards or downwards depending on the determined market rent. Where the passing rent continues to be paid beyond the rent review date, prior to the determination of the market rent, resulting in either an overpayment or underpayment of rent in the interim, both landlords and tenants where applicable should be entitled to receive an interest payment on the difference.
Try to avoid a situation where the interest rate on the difference is higher than the bank base rate. Consideration should be given to introducing a provision whereby either party forfeits their right to interest on the difference in rent paid after the review date if there is a delay in initiating the rent review process.
Avoid strict time limits in the rent review clause (other than in reference to its date and interest rates, if not forfeited as suggested) – these could result in either party losing the ability to negotiate.
Often small business owners who have rented a residential property before assume that a business lease is the same. However, this isn’t the case […]
Click below to access the application form. If you have any queries or are in need of assistance please contact, paddy@scsi.ie.
Panel of Independent Experts for Rent Review and other similar disputes
| Name | Address | Telephone | Qualifications | |
| Manus Agnew |
20 Clanwilliam Square
Grand Canal Quay Dublin 2 |
01 6623113 087 2546391 |
FSCSI FRICS FCIarb Dip. Arb.Law |
magnew@quinnagnew.ie |
| Desmond Byrne |
Hambleden House
19-26 Pembroke St Lower, Dublin 2 |
01 6477900
0872780555 |
FSCSI
FRICS Dip. Arb.Law, Dip. Legal Studies |
dbyrne@bannon.ie |
| Rosemary Casey | 4/5 Dawson Street 3rd Floor, Dublin 2 |
01 6766566
0863811225 |
PG Dip Inf. Mgt. BSc Hons Est. Mgt MSCSI MRICS ACI Arb | Rosemary@twmproperty.ie |
| John Oliver Costello |
Hamilton House
28 Fitzwilliam Place Dublin 2 |
01 6603325
087 2565490 |
FSCSI,FRICS
M.Phil(Edin), Dip.E.Econ, BSc, Dip Arb Law |
johncostello@costellocommercial.com |
| Michael Coyle |
80 Harcourt St
Dublin 2 |
01-7750503
087 2559509 |
FSCSI,FRICS,
FCIArb Dip Arb law. |
mcoyle@hwbc.ie |
| James Crowley |
2 The Maples,Pembroke Wood,
Passage West,Cork |
021 4863666
086 2734462 |
FSCSI,FRICS,
ACIArb |
crowleyjamesj@hotmail.com |
| Kate Curran |
32 Parnell Street,
Clonmel, Co. Tipperary |
052 6121750
086 3848272 |
MSCSI MRICS
BSc (Surv) MCIArb, Dip Arb |
kate@moynihancurran.com |
| Pauline Daly |
Styne House
Upper Hatch Street Dublin 2 |
01 6731600
087 2525608 |
FSCSG,FRICS,
ACIArb,Dip,Arb.Law BSc, Dip.Env. Econs |
Pauline.daly@eu.jll.com |
| Ronan Diamond |
24 St Stephens Green,
Dublin 2 |
01 6382792 | MSCSI, MRICS | rdiamond@lisney.com |
| Mervyn Feely |
1st Floor,
23a Seafield Road, Blackrock Co. Dublin |
01 2196680/ 01 2196682 086 8117587 |
FSCSI, FRICS | mervynfeely@eircom.net |
| David Gill |
44 Adelaide Road
Dublin 2 |
087 2550774 |
FSCSI FRICS
Dip.Arb. Law,CEDR Accredited Mediator |
dgill@dga.ie |
| Brian Gilson | St Stephen's Green House, Earlsfort Terrace.,Dublin 2 |
01 6382756
087 2846197 |
MSCSI MRICS Bsc.Dip.Arb. Law, Dip.Property Investment | bgilson@lisney.com |
| Ian Given |
4/5 Dawson Street
Dublin 2 |
01 6731410
086 8238199 |
MSCSI MRICS Bsc(Surv),Dip.Prop.Econ | ian@twmproperty.ie |
|
Edward Hanafin
|
1 South Mall,Cork |
021 4275079
087 2218719 |
BSc ( Surv)
MSCSI MRICS |
ehanafin@lisney.com |
| Margaret Kelleher |
1 South Mall
Cork |
021 4275079
087 2517266 |
FSCI FRICS | mkelleher@lisney.com |
| Rory Lavelle |
3A Sycamore House
Millennium Park Naas Co. Kildare W91WN72 |
045 433550
086 2645158 |
FSCSI FRICS M.A. | rory@lavellecs.ie |
| Donal Madigan |
4 Riversdale Avenue
Bushy Park Road Terenure Dublin 6 |
01-5590958
087 2454491 |
MSCSI MRICS | dkamadigan@gmail.com |
| Eamonn Maguire | Maguire Chartered Surveyors, 26/27 Upper Pembroke Street,Dublin 2 |
01 6499096
087 2399640 |
MRICS, MSCSI,VRS | emaguire@mcsi.ie |
|
Hugh Markey
|
QRE, 14 Fitzwilliam Square East, Dublin 2. D02 W298 | 0872541112 | FRICS FSCSI | hugh.markey@qre.ie |
| John McCann |
20 Clanwilliam Square
Grand Canal Quay Dublin 2 |
016623113
086 2555872 |
FSCSI FRICS | jmccann@quinnagnew.ie |
| Conor McCormick |
4 Herbert Place
Dublin 2 |
01 6766902
087 2416934 |
MSCSI MRICS Bsc (Surv) | conor@mccormickestates.com |
| Eoin McDermott | Mespil House, Sussex Road, Dublin 4 |
01 2314635
087 2271754 |
FSCSI FRICS Bsc (Surv.)Hons | eoin@emcd.ie |
| Paul McElearney | St Martins House, Waterloo House Dublin 4 |
016375555
087 2536928 |
FSCSI FRICS
FCI Arb |
paul.mcelearney@qre.ie |
|
Mr. Robert McHugh
|
Cushman & Wakefield 164 Shelbourne Road Ballsbridge
D04 HH60 Dublin 4 |
+353 1 6399341
+ 353 86 3883981 |
MSCSI, MRICS, MCI Arb., Dip. Arb. Law | robert.mchugh@cushwake.com |
| Brian Meldon | Eastbourne,Stillorgan Park,Blackrock, Co.Dublin |
01 2121747
0872558704 |
FSCSI FRICS
ACIArb |
bmeldon@eircom.net |
| James Nugent | St.Stephen Green House,Earlsfort Tce.,Dublin 2 |
01 6382742
086 8380361 |
MSCSI MRICS
BSc |
jnugent@lisney.com |
| Conor O'Cleirigh |
106 Lower Baggot Street
Dublin 2 |
01 8096030/ 0862459477 | FSCSI FRICS | info@ocleirighco.ie |
| Frank O'Grady | Pavilion House, 31/32 Fitzwilliam Square, Dublin 2 |
01 6618444/086-2563165 | FSCSI FRICS | frank@campionproperty.com |
| David Potter |
33 Molesworth Street,
Dublin 2 |
01 6181309
087 6687058 |
FSCSI FRICS ACIArb | david.potter@savills.ie |
| Aidan Ringrose | 38-39 Fitzwilliam Square, Dublin 2 |
01 602 4715
087 951 9786 |
FSCSI FRICS | aidan@ringrose.ie |
| Ronan Rooney |
Victoria House, Eyre Sq.,
Galway |
091 567391
087 2519918 |
MSCSI MRICS Bsc Prop. Econ. BA MCIArb | ronanrooney@rooneys.ie |
| Frank O'Grady | 13 Elm House, Mespil Estate, Sussex Road Dublin 2 |
01 6618444
0862563165 |
FSCSI, FRICS | frank@campionproperty.com |
| Peter Stapleton |
St Stephens Green House
Earlsfort Terrace Dublin 2 |
01 6382740
086 2527470 |
FSCSI FRICS | pstapleton@lisney.com |
| Barry Smyth |
33 Kildare Street,
Dublin 2 |
01 6768306
087 2551841 |
FSCSI FRICS | barrysmyth@dvws.ie |
| John Stewart |
26-7 Upper Pembroke Street
Dublin 2 |
01 6499006
087 9484054 |
FSCSI FRICS | john@stewartsurveyors.ie |
| Elaine Torpey | Unit 1, Neptune House, Canada Street, Waterford |
051 - 821979
087 2357676 |
MRICS, MSCSI, BSc (Hons), Dip AVEA | elaine@torpeypa.com |
| Property Panel of Arbitrators | ||||
| Name | Address | Telephone | Qualifications | |
| Manus Agnew | 20 Clanwilliam Square Grand Canal Quay Dublin 2 |
01 6623113 0872546391 | FRICS, FSCSI, FCIArb Dip. Arb Law | magnew@quinnagnew.ie |
| Desmond Byrne | Hambleden House 19-26 Pembroke Street Lower Dublin 2 |
01 6477900 0872780555 | FSCSI FRICS Dip. Arb.Law Dip. Legal Studies |
dbyrne@bannon.ie |
| Rosemary Casey | 4/5 Dawson Street, 3rd Floor, Dublin 2 |
01 6766566 0863811225 |
PG Dip Inf. Mgt. BSc Hons Est. Mgt MSCSI MRICS ACI Arb | Rosemary@twmproperty.ie |
| John Oliver Costello | Hamilton House 28 Fitzwilliam Place Dublin 2 |
01 6612100 0872565490 | FRICS, FSCSI , Dip.Arb.Law, M. Phil (Edin) | johncostello @costellocommercial.com |
| Katie Curran | 32 Parnell Street Clonmel Co Tipperary |
0526121750 0863848272 |
BSc (Surv), MRICS, MSCSI, MCIArb, Dip Arb | kate@moynihancurran.com |
| Pauline Daly | Styne House Upper Hatch Street Dublin 2 |
016731600 0872525608 |
FSCSI,FRICS,
ACIArb,Dip,Arb.Law |
Pauline.daly@eu.jll.com |
|
Ronan Diamond
|
St Stephens Green House Earlsfort Terrace Dublin 2 |
01 6382792 086 8103668 |
BSc (Hons) MSCSI MRICS Dip. Arb. Law |
rdiamond@lisney.com |
| Mervyn Feely | 1st Floor 23A Seafield Road Booterstown Co Dublin |
012196680 0868117587 | FSCSI, FRICS | mervynfeely@eircom.net |
|
Donal ffrench-O’Carroll
|
Elliott FitzGerald, Chartered Surveyors,
11 Lower Pembroke Street, Dublin D02 Y958 |
Office: (01) 661 4403.
Mobile: 086 2490794 |
FSCSI/FRICS, FCIArb, MLitt(Dub), DipLS | donal@elfitz.ie |
| David Gill | 44 Adelaide Road Dublin 2 |
0872550774 | FSCSI FRICS Dip.Arb. Law,CEDR Accredited Mediator |
dgill@dga.ie |
| Brian Gilson | St Stephens Green House Earlsfort Terrace Dublin 2 |
01 6382756 0872846197 | MSCSI MRICS Bsc.Dip.Arb. Law, Dip.Property Investment | bgilson@lisney.com |
| Edward Hanafin | 1 South Mall Cork |
0214275079 0872218719 | BSc ( Surv) MRICS MSCSI | ehanafin@lisney.com |
| Margaret Kelleher | 1 South Mall Cork |
021 4226904 0872517266 |
FSCSI FRICS | mkelleher@lisney.com |
| Rory Lavelle |
3A Sycamore House
Millennium Park Naas Co. Kildare W91WN72 |
045 433550 0862645158 | FSCSI FRICS | rory@lavellecs.ie |
| Donal Madigan |
4 Riversdale Avenue
Bushy Park Road Terenure Dublin 6 |
01-5590958
087 2454491 |
MSCSI MRICS | dkamadigan@gmail.com |
| Eamonn Maguire |
26/27 Upper Pembroke Street, Dublin 2
|
01 6499096 0872399640 |
MRICS,MSCSI,VRS | emaguire@mcsi.ie |
|
Hugh Markey
|
QRE, 2 Shelbourne Buildings, Crampton Avenue, Shelbourne Avenue, Dublin 4 | 0872541112 | FRICS FSCSI | hugh.markey@qre.ie |
| John McCann | 20 Clanwilliam Street, Grand Canal Quay, Dublin 2 |
01 6623113 0862555872 |
FRICS, FSCSI, ACIArb | jmccann@quinnagnew.ie |
| Eoin McDermott | Mespil House, Sussex Road, Dublin 4 |
01 2314635 0872271754 | FSCSI, FRICS, ACI Arb. |
eoin@emcd.ie |
| Paul McElearney | St Martins House, Waterloo House Dublin 4 |
010637555 0872536928 |
FSCSI, FRICS, FCI Arb |
paul.mcelearney@qre.ie |
|
Mr. Robert McHugh
|
Cushman & Wakefield 164 Shelbourne Road Ballsbridge
D04 HH60 Dublin 4 |
+353 1 6399341
+ 353 86 3883981
|
MSCSI, MRICS, MCI Arb., Dip. Arb. Law
|
robert.mchugh@cushwake.com
|
| Brian Meldon | Eastbourne Stillorgan Park Blackrock Co Dublin |
01 2121747 0872558704 | FSCSI, FRICS, Registered Valuer | bmeldon@eircom.net |
| James Nugent | St Stephens Green House Earlsfort Terrace Dublin 2 |
01 6382742 0868380361 | BSc MRICS MSCSI | jnugent@lisney.com |
| Conor O'Clerigh | 106 Lower Baggot Street, Dublin 2 | 01 8096030 0862459477 |
FSCSI, FRICS | info@ocleirighco.ie |
| David Potter | 33 Molesworth Street Dublin 2 |
01 6181309/ 0876687058 |
FSCSI FRICS ACI Arb |
david.potter@savills.ie |
| Aidan Ringrose | 38-39 Fitzwilliam Square, Dublin 2 | 01 6024715 0879519786 | 087 951 9786 | aidan@ringrose.ie |
| Ronan Rooney | Victoria House Eyre Square Galway |
091 567391 0872519918 | MRICS, MSCSI , MCIArb, Dip.Prop.Econ., BSc Surv, BA |
ronanrooney@rooneys.ie |
| Barry Smyth | 35 Kildare Street Dublin 2 |
0872551841 | FSCSI FRICS | barrysmyth@dvws.ie |
| Peter Stapleton |
St.Stephen Green House
Earlsfort Terrace Dublin 2 |
01 6382740
086 2527470 |
FSCSI FRICS | pstapleton@lisney.com |
| John Stewart | 26/27 Upper Pembroke Street Dublin 2 |
01 6499006 0879484054 |
FSCSI FRICS
MCIOB, MCIArb. |
john@stewartsurveyors.ie |
| Elaine Torpey | Unit 1, Neptune House Canada Street, Waterford |
051821979 0872357676 |
MRICS, MSCSI, BSc (Hons), Dip AVEA | elaine@torpeypa.com |
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