\n<\/p>\n
\u201cI\u2019m observing a lot of tension between landlords and tenants,\u201d he said. \u201cEveryone is feeling the effect of this, so you could say there\u2019s a lot of heartache, but a lot of opportunity as well.\u201d<\/p>\n
Murphy said as many as 160 restaurants would be for sale at any given point prior to the pandemic, but that number has rapidly risen in the past two months.<\/p>\n
\u201cI\u2019ve been on the phone with 14 clients today saying they are not going to be able to open up, even when they\u2019re allowed to,\u201d he said. \u201cAt the same time, I\u2019ve got someone giving me a call saying they\u2019re interested in buying a brewery, so how about that?\u201d<\/p>\n
Much of Murphy\u2019s work over the past few weeks has been trying to convince landlords on the verge of evicting bar and restaurant tenants that they might not be able to find a new tenant willing to sign a lease.<\/p>\n
\nThere\u2019s a lot of heartache, but a lot of opportunity as well<\/p>\n
Stephen Murphy<\/p>\n<\/blockquote>\n
\u201cIt takes four months to get a liquor licence now. Then a few more months to fix up the place, so even with a new tenant, they\u2019re probably not going to be able to pay you rent for maybe three quarters of the year,\u201d he said. \u201cWhy not use the government rent relief program and work with the tenant?\u201d<\/p>\n
Both The Hideout and Pretty Ugly \u2014 clients of Murphy\u2019s \u2014 were locked out of their premises after failing to pay rent. The Canada Emergency Commercial Rent Assistance program was first announced April 16, but landlords can\u2019t apply until May 25, so in the interim they have been either crafting their own deals with tenants, or kicking non-paying tenants out, he said.<\/p>\n<\/div>\n\n
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