Alan Shatter (Dublin South, Fine Gael)

I move amendment No. 9:

In page 87, between lines 5 and 6, to insert the following:

"(3) Subject to subsection (4), the Commercial Leases Database may, at the Authority's discretion, contain, in respect of a commercial property lease, the particulars provided for in paragraphs (a) to (d) of subsection (2) notwithstanding the fact that such a lease was entered into before the commencement of this section.

(4) Subsection (3) shall not apply to a commercial property lease entered into more than 5 years before the commencement of this section.".

As the Bill stands, it is envisaged that the commercial leases database will only contain information on leases entered into on or after the commencement of section 87. Having considered the matter, I believe it would be in the public interest if certain basic information was also to be made available on commercial leases which have been entered into in the past. The amendment I am proposing is analogous to the provision contained in section 86 which relates to residential property sales prices. However, in the case of commercial leases, I am proposing that the database will only apply to leases which have been entered into within the last five years. The reason for this is that, in the rent review context, the most useful information is that which relates to open market lettings at the time of the review date. Thus, while access to some past information may be useful in terms of assessing emerging trends, that information will have little direct bearing on the level of rent to be fixed in current circumstances.

The public information on to past leases will be that information which is made available to the authority by the Revenue Commissioners. It will include the address of the commercial property concerned, the date of the lease, the term of years of the lease and the rent payable. That will ensure there is generally more information made available on the level of rental payments being made than is the case, and there will be more information made available than was originally envisaged in the Bill, as first published.

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