GVA win Retail Excellance Ireland Tender

GVA Donal O Buachalla Wins Tender to Negotiate Over 1,500 Rent Reviews on Behalf of Retail Tenants Across Ireland.

Following an invitation to tender to over 30 agents for appointment to act on behalf of REI members in rent reviews and rent reduction services, GVA Donal O Buachalla were shortlisted, along with CBRE and Knight Frank, to make a presentation to the membership. Following the presentation, in excess of 70% of the members voted for the appointment of GVA Donal O Buachalla to provide the services countrywide. REI, with a membership of over 580 retailers with over 8,000 shops nationwide, include many of Ireland’s top retail companies.

At least 1,500 rent reviews shall fall due over the next 5 years and there is intense immediate demand from retailers for representation in negotiations for rent reduction in the current very difficult retail market.REI sought the appointment of a single agent to represent its membership to ensure a common approach to rent reviews, particularly in shopping centres, to counteract the age-old landlord strategy of ‘divide-and-rule’, whereby lack of co-ordination on the tenants’ part contributed to an increased burden of rent.

Retailing in Ireland has been particularly hard-hit by the recession, with many businesses under pressure and an increasing number of failures. In this context, GVA Donal O Buachalla has taken up negotiations with landlords to secure reductions in rents. There is an increasing willingness among landlords to recognise the realities of the market and give concessions in order to keep tenants in business and their rent roll, albeit reduced, protected. As a result of representation from REI, government ministers have indicated that unless landlords adopt a reasonable approach to tenants’ current trading difficulties, the prohibition on a downward rent review contained in most commercial leases in Ireland may have to be reviewed.

AHaving secured this instruction on behalf of many of Ireland’s national retail chains, GVA Donal O Buachalla will now be seeking introductions to UK, European and US retailers operating in Ireland via our colleagues in GVA Worldwide.

Click here to view REI Press Release.

Contact: GVA Donal OBuachalla - 01 676 2711