Hi,
Korky’s , 47 Grafton Street,will cease trading at close of business tomorrow the 8th January 2013. We have traded in the street for the last twenty years. Since our rent review in April 2005 when our rent was increased to 445,000 euro p.a. we have struggled to survive. The dispute between ourselves and Canada Life,our landlords, resulted in the ending of upward-only rent reviews in all future commercial leases in Ireland and the Euro zone. Below is the reference in Wylie’s book “The Land and Conveyancing Law Reform Act 2009; Page 318
“At the final Dáil Report Stage the Minister for Justice,Equality and Law Reform introduced a provision to ban upward-only rent reviews. Previously the Master of the High Court had called into question the appropriateness of such clauses in the current state of the property market (in a decision on the application for the appointment of an arbitrator,Kidney V Charlton(22 January 2009), HC). There was a campaign to ban such clauses by retail tenants who claimed that such clauses forced them to continue paying rents well above the going market rate. A dispute over the refusal by a landlord to reduce the rent on a small shop on Grafton Street, Dublin brought the controversy to a head. The Minister was responding to this”
John Corcoran
Korky’s shoes
47 Grafton Street
Dublin 2
