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Difficult Time! TPP Lost Over $1M Providing Rent Concessions

Difficult Time! TPP Lost Over $1M Providing Rent Concessions

CEO of the Cyril B. Romney Tortola Pier Park (CBRTPP) Vance Lewis said the shopping facility has lost over $1 million by providing concessions for...
Addressing members of the media on Thursday, October 8, he said it was being done “In accordance with the Premier’s wishes and the government’s wishes.”

“We have 61 tenants currently operating in the CBRTPP to date, and we have been working with the tenants to offer concessions in rent ever since the country first closed down around the end of March. So since April 1, we have been offering rent concessions because we understand that this is a difficult time for tenants and for everyone,” he remarked.

He added, “So far we have offered over $1 million in rent concessions, and we are going to continue working with them as long as possible. We have for instance, offered in some cases in April 100% discount on rent because the country was closed down. Since then we offered a range of 75% discount in rent for other businesses and for those that were not cleared to open at all we offered between 90%, and it continues this month.”

He further said the discount is made on a month-to-month basis.

The facility has a wide range of businesses ranging from beauty shops, to restaurants, to jewellery stores, to bars, and souvenir stores and is highly dependent on the tourist dollar which has been absent due to the deadly virus for months.
However, the Territory is slated to reopen to international travel by December 1, and cruise liners are now allowed to make technical calls.
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