Latest figures show that landlords have only been able to collect just over half of the commercial rents owed to them by the 14 day mark in the December quarter - the same amount as at the same point in the September quarter.
In early December when the moratorium on forfeiture was extended to the end of March 2021, it was widely reported that it would be the final extension. However, at that time knowledge and awareness of the new variant of the coronavirus was still emerging and very few of us could have anticipated the rapid escalation in Covid cases that has brought us into the strict measures of a third national lockdown. Is another government U-turn in sight? And at what point is consideration going to be given to the economic pressures being suffered by the property industry? I am not aware of any other industry that is effectively being asked to prop up another without some form of government assistance.
Time will tell what the government has in store, but the moratorium (which was initially described as a "temporary" measure to assist struggling retail and leisure operators) surely now needs to be replaced with a comprehensive and cohesive plan addressing the needs of both landlords and tenants.
Just 55% of commercial rent collected since December quarter rent day