Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Industry Survey Reveals Majority Of Landlords Have Offered Tenants Rental Support

The New Zealand Council of Retail Property (NZCoRP) has polled its members, which include many of New Zealand’s largest retail property owners, and found that over 75% of their 5000 retail tenants have been offered rental assistance.

NZCoRP Chair Campbell Barbour says that despite a vast majority of landlords in their membership not having contractual obligations to provide rental assistance, property owners have responded in good faith, offering to defer, reduce or manage rental payments over this time.

“As our members work through individual arrangements with their tenants it has been helpful to get a broad picture from our industry as to the progress that is being made.

“Our survey shows that almost all tenants have sought some form of rental assistance directly with their landlord and to date around 75% have been presented with a formal offer of rental assistance, with property managers reporting they were working through remaining negotiations,” says Barbour.

“Less than a quarter of tenants have not been offered any rental assistance and in the majority of these cases these tenants have either traded through Alert Level 4 as essential services or are larger corporate organisations.

“Less than half of all tenants have accepted the offers made by landlords for rental assistance, with many indicating they are waiting to see if the Government will come to the party particularly for smaller to medium sized businesses.

“This situation means more than 50% of tenants have not paid a cent under their lease in April, and early indications show that this is likely to continue into May.

“In general, where rental reductions have been agreed the figure negotiated generally sits at around 50% of monthly rental. This has taken the form of deferrals or abatements or a combination of both. We are also aware that arrangements have included other changes to contracts around matters such as rental reviews and lease term extensions.

“The range of negotiated outcomes goes to highlight how many different circumstances exist across our industry and the difficulties in attempting to apply a one size fits all approach.”

Barbour reinforced that while individual negotiations are confidential between parties, this snapshot provides a broad overview of the proactive progress of the sector.

“We are concerned about any misperception that landlords are not supporting tenants at this time, particularly in the retail sector, this is simply not true. A majority of landlords and tenants are working through this to ensure that both businesses are well placed for recovery”, says Barbour.

“This situation is not of property owners or their tenants making, the Government has decided in the best interests of our nation’s health, to continue to largely prohibit retail trade under Alert Level 3. Property owners should not be expected to carry the can for rent due to the Government’s ongoing call.”

© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY Law: Government Exempts Some Home Improvements From Costly Consents

Homeowners, builders and DIYers will soon have an easier time making basic home improvements as the Government scraps the need for consents for low-risk building work such as sleep-outs, sheds and carports – allowing the construction sector ... More>>


Media Awards: The New Zealand Herald Named Newspaper Of The Year, Website Of The Year At Voyager Media Awards

The New Zealand Herald has been labelled a “powerhouse news operation” as it claims the two biggest prizes – Newspaper of the Year and Website of the Year – along with many individual awards at the 2020 Voyager Media Awards Website of the ... More>>


ASB Bank: ASB Takes The Lead Again With New Low Home Loan Interest Rate

ASB has moved again to support its customers, cutting a number of home loan rates, including the two-year special rate to a new low of 2.69% p.a. Craig Sims, ASB executive general manager Retail Banking says the reduced rate will be welcome news for many ... More>>


Nathan Hoturoa Gray: The Problems With Testing And Case Statistics For Covid-19

To begin to understand disease transmission in a country requires adequate testing of your population with properly vetted, accurate tests. As the world struggles to find what 'adequate percentage' of the population is necessary, (estimates predict ... More>>


RNZ: Fletcher Building To Lay Off 1000 Staff In New Zealand

The construction company will cut around 10 percent of its workforce as it struggles with the fallout from Covid-19. More>>


Can Pay, Won't Pay: Cashflow Moves Urged

Government Ministers are asking significant private enterprises to adopt prompt payment practices in line with the state sector, as a way to improve cashflow for small businesses. More>>


Gordon Campbell: On Why We Should Legally Protect The Right To Work From Home

For understandable reasons, the media messaging around Level Two has been all about “freedom” and “celebration”, but this is not necessarily going to be a universal experience. When it comes to workplace relations, Level Two is just as likely to ... More>>


Telecoms: Spark Welcomes Spectrum Allocation And Prepares For 5G Rollout Over The Next 12 Months

Spark welcomes spectrum allocation and prepares for 5G rollout over the next 12 months Spark today welcomed the announcement of the direct allocation process of 5G spectrum, with the Company to be offered management rights to 60 MHz of 3.5 GHz ... More>>


Trade: Record Monthly Surplus As Imports Dive

Imports in April 2020 had their biggest fall since October 2009, resulting in a monthly trade surplus of $1.3 billion, Stats NZ said today. “This is the largest monthly trade surplus on record and the annual goods trade deficit is the lowest ... More>>


Media Blues: Stuff Chief Executive Buys Company For $1

Stuff chief executive Sinead Boucher has purchased Stuff from its Australian owners Nine Entertainment for $1.
The chief executive was returning the company to New Zealand ownership, with the sale is expected to be completed by 31 May.
"Our plan is to transition the ownership of Stuff to give staff a direct stake in the business as shareholders," Boucher said in a statement.... More>>


RNZ: Bar Reopening Night 'much, Much Quieter'

Pubs and bars are reporting a sluggish first day back after the lockdown, with the fear of going out, or perhaps the joy of staying home, thought to be a reason for the low numbers. More>>


Stats NZ: New Zealand’s Population Passes 5 Million

New Zealand's resident population provisionally reached 5 million in March 2020, Stats NZ said today. More>>

NIWA: Seven Weeks Of Clearing The Air Provides Huge Benefits: Scientist

Seven weeks of lockdown has provided evidence of how pollution can vanish overnight with benefits for the environment and individuals, says NIWA air quality scientist Dr Ian Longley. Dr Longley has been monitoring air quality in Auckland, Wellington ... More>>


Government: Milestone In Cash Flow Support To SMEs

A significant package of tax reforms will be pushed through all stages in Parliament today to throw a cash flow lifeline to small businesses. More>>


University Of Canterbury: Astronomers Discover The Science Behind Star Bursts That Light Up The Sky

University of Canterbury (UC) astronomers are part of an international team that has revealed how explosions on the surface of a white dwarf star can increase its brightness by thousands or millions of times making it look like a new star. For ... More>>

Air NZ: Air New Zealand Adds Business-timed Flights For Regions

Air New Zealand will operate business-timed flights in and out of a number of regional ports from next month.
The flights will allow customers in Hamilton, Tauranga, Napier, New Plymouth, Palmerston North, Nelson, Dunedin and Invercargill to undertake a day of business in either Auckland, Wellington or Christchurch... More>>