Pier Park tenants to pay full rent from March 1, 2021
After offering rent discounts to tenants for some 10 months, including as much as 100% off, due to the effects of the global coronavirus pandemic, the Cyril B. Romney Tortola Pier Park Limited is now requiring tenants to pay up in full from next month.
The tenants were reportedly notified of the discontinued rent waiver on Thursday, February 18, 2021.
Tenants were not required to pay any rent for April 2020, and were further given a 75% cut from May to October 2020 and 50% cut from November 2020 to February 2021.
The tenants were reportedly notified of the discontinued rent waiver on Thursday, February 18, 2021.
CEO of Cyril B. Romney Tortola Pier Park Limited Mr Vance M. Lewis said the rent concessions have amount to $1.6M.
Concessions valued $1.6M
CEO of Cyril B. Romney Tortola Pier Park Limited, Mr Vance M. Lewis confirmed that discounts on rents have ceased.
"We have notified tenants that from 1st March 2021 full rent will be charged to all TPP tenants," Mr Lewis told Virgin Islands News Online.
Mr Lewis added that the value of the concessions so far is $1.6M.
