Retailers get more protection than renters of specialised space

ndustry Group, which includes three big representative bodies for real estate in the country, unveiled a R2bn rental relief plan. This package is designed to help retail space tenants who couldn’t pay all of their rent because they haven’t been able to operate in the lockdown.ndustry Group are the SA Real Estate Investment Trust Association , SA Property Owners Association and SA Council of Shopping Centres .

Inospace is an industrial property group formed by former Auction Alliance head Rael Levitt and former Investec banker Nicholas van Eeden. Breyer said Inospace sent CityROCK a letter in which it said the tenant was in breach and was facing eviction. Inospace converts buildings often located outside Johannesburg and Cape Town’s premier business nodes into flexible office business parks, which it says are designed to appeal to small and medium enterprises. Its parks include studios, storage and traditional warehouse space, which makes CityROCK an ideal tenant for the company.50% of its April and May rent payable now.

“More importantly, unlike most landlords, if CityROCK cannot pay their rent we are open to amicably and immediately cancelling their lease altogether and releasing them of all their obligations. We will rather risk an empty space and find a tenant that will pay us,” he says.

Source: Real Estate Daily Report (realestatedailyreport.net)

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Shared workspace hubs shrink as Telkom fights for spectrumTemporary office space industry hit by social distancing norms while Telkom gets into a spat with Icasa
Source: BDliveSA - 🏆 12. / 63 Read more »

COVID-19: Dis-Chem charged for inflating pricesThe Competition Commission found that the retailer increased prices on essential hygienic goods. Please look into the boksburg pharmacy as well Why do you say “guilty” on your straps? 0659724817 The reunite spells serves many uses it won’t work just to make you and your lover to reunite and give love a try but it will see to it that the relationship after the breakup makes it for the long haul. You must be wondering what causes this reunite spells to be so gd
Source: eNCA - 🏆 49. / 51 Read more »

Cashbuild to negotiate rent with landlords as lockdown subsidesRetailer hopes to reach agreement over outstanding rent
Source: BDliveSA - 🏆 12. / 63 Read more »

Police conduct lockdown enforcement operation in SowetoGauteng Community Safety MEC Faith Mazibuko says some retailers are putting people's lives are at risk.
Source: eNCA - 🏆 49. / 51 Read more »

Sasol’s share price plunges nearly 25% as oil price plummetsOil prices are under pressure as weakening demand puts a premium on storage space
Source: BDliveSA - 🏆 12. / 63 Read more »

Government to ease lockdown to allow sale of winter clothes and stationery - but stands firm on cooked hot foodGovernment is planning to allow retailers to reopen for business to allow citizens to buy winter clothes, stationery and other goods that have not been deemed essential. But Nkosazana Dlamini-Zuma defended the 'no hot food' rule She’s correct Some have of us need that 'hot food' I wonder who hurt her....its probably someone who owns or work in a restaurant....
Source: TimesLIVE - 🏆 28. / 59 Read more »