Get up to 100% off your April rent, perhaps May too - Property Industry Group
Some of South Africa’s main property organisations have come together to form the “Property Industry Group”.
The Group aims to coordinate the industry’s response to the Covid-19 outbreak and the devastating effects of the lockdown to “flatten the curve” of the rate of infections.
The commercial property sector employs 300 000 people in South Africa.
The Money Show’s Bruce Whitfield interviewed Estienne de Klerk, the spokesperson for the Property Industry Group.
Whitfield asked him to elaborate on the relief the Property Industry Group is hoping to provide the industry.
The Group’s main focus will be to help Covid-19 affected small, medium-sized and microenterprises (SMMEs).
It will, however, also help to larger retail tenants.
Owners of commercial property will waive rentals partially or fully for April and May and will also offer rental deferments.
To qualify for help, tenants must commit to not retrenching staff while accessing relief.
“There can be as much as 100% off the rental in April and potentially even in May,” said De Klerk.
We’re probably the first industry in the country… to physically put money down on the table…Estienne de Klerk, spokesperson - Property Industry Group
Bizarre scenario… some of the essential services retailers have decided not to pay, which is crazy considering the fact that they’re actually performing incredibly well during this period.Estienne de Klerk, spokesperson - Property Industry Group
We’re giving smaller retailers up to 100% rental relief for April and May… Hairdressers, restaurant owners, small stores and franchises…Estienne de Klerk, spokesperson - Property Industry Group
The focus is to preserve the smaller retailers and help the larger ones… We have to share the pain…Estienne de Klerk, spokesperson - Property Industry Group
We lobbied widely... the bulk of retail in our country is represented… It’s a big-picture issue… We’ve been working closely with the banks and municipalities…Estienne de Klerk, spokesperson - Property Industry Group
For more detail, listen to the interview in the audio below.
This article first appeared on CapeTalk : Get up to 100% off your April rent, perhaps May too - Property Industry Group
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