The lease held by the Commissioners of Public Works (OPW) in respect of the office building referred provides for an upward/downward rent review at 5 yearly intervals in accordance with Consumer Price Index (CPI). The first rent review, due on 21st December 2021 was recently agreed between the Landlord and the OPW and is being formalised at present.
As with any major leased building, OPW has ongoing contact with the landlord of this particular property. One outstanding legacy issue remained to be addressed and, with significant goodwill on both sides, the parties have now arrived at an agreement in principle that will resolve the issue. Formal documentation is currently being finalised following which the OPW expects to be in a position to complete the agreement over the coming weeks.