'Up to 100% rental relief for some retail tenants' - Property Industry Group
They're among those hardest hit by the current nationwide Covid-19 lockdown, but now there's some good news for retail tenants.
The newly-formed Property Industry Group on Tuesday announced an industry-wide assistance and relief package to be rolled out by local landlords.
In some cases, it will mean rental charges for the current month are withdrawn completely.
The ranges that we've offered there can be as much as 100% off the rental in April and potentially even in May.Estienne De Klerk, Spokesperson - Property Industry Group
The idea was to sit down and try to agree a package that we can consistently roll out across the whole industry.Estienne De Klerk, Spokesperson - Property Industry Group
We've tiered retailers between large retailers and small retailers and the essentials and non-essentials.Estienne De Klerk, Spokesperson - Property Industry Group
Property Industry Group spokesperson Estienne De Klerk says landlords are also dealing with a number of challenges at this time.
There's a couple of them [essential services traders] who haven't paid their rental this month - even though they are having record trade numbers...we believe that's pretty opportunistic.Estienne De Klerk, Spokesperson - Property Industry Group
The Property Industry Group was established at the end of March in a bid to coordinate the industry's response to the coronavirus pandemic.
It comprises the major representative bodies for real estate in the country - the South African Real Estate Investment Trust (SA Reit) Association, the SA Property Owners Association and the SA Council of Shopping Centres.
Last month South African clothing retailer The Foschini Group announced it was halting rental payments because of the impact of the coronavirus outbreak.
Find out more about rental relief during lockdown by clicking below:
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