As indicated in my reply to Question No. 489 of 26 February 2013, Section 87 of the Property Services (Regulation) Act 2011 provides that the Property Services Regulatory Authority (PSRA) shall maintain and establish a database relating to commercial property leases.
I am not in a position to advise the Deputy as to the total number of commercial leases here. However, I am advised by the Authority that it estimates that approximately 18,000 to 20,000 commercial leases will initially be detailed on the new commercial leases database, which is expected to be published in the near future. It is anticipated that the database will contain information in relation to all commercial leases entered into on or after 1 January 2010.
Section 87 provides that in respect of each relevant commercial lease, the Database shall contain: the address and description of the commercial property the subject of the lease; the date of the lease of the property; the term of years of the lease; and the rent payable in respect of the property. It is further provided in Section 87(3) that such information may, at the Authority's discretion, be included in the Database, notwithstanding the fact that such a lease was entered into before the commencement of Section 87. Section 87(4) provides that Section 87(3) shall not apply to a commercial property lease entered into more than 5 years before the commencement of Section 87. I am advised by the Authority that it is satisfied that the information available on commercial leases entered into on or after 1 January 2010 is accurate and reliable and that it proposes, on the initial publication of the database, to include all leases entered into with effect from that date.
Section 88 of the Act also provides that the Authority make the information available on the Commercial Leases Database publicly available "on the payment of the appropriate fee". While the Authority will make certain limited information available free of charge, all of the information, which tenants are required to furnish to the Authority under Section 88 of the Act, will only be made available on the payment of a fee.