ndustry Group, which includes three big representative bodies for real estate in the country, unveiled a R2bn rental relief plan. This package is designed to help retail space tenants who couldn’t pay all of their rent because they haven’t been able to operate in the lockdown.ndustry Group are the SA Real Estate Investment Trust Association , SA Property Owners Association and SA Council of Shopping Centres .
Inospace is an industrial property group formed by former Auction Alliance head Rael Levitt and former Investec banker Nicholas van Eeden. Breyer said Inospace sent CityROCK a letter in which it said the tenant was in breach and was facing eviction. Inospace converts buildings often located outside Johannesburg and Cape Town’s premier business nodes into flexible office business parks, which it says are designed to appeal to small and medium enterprises. Its parks include studios, storage and traditional warehouse space, which makes CityROCK an ideal tenant for the company.50% of its April and May rent payable now.
“More importantly, unlike most landlords, if CityROCK cannot pay their rent we are open to amicably and immediately cancelling their lease altogether and releasing them of all their obligations. We will rather risk an empty space and find a tenant that will pay us,” he says.