Bannon were engaged by the Tenant Easons, to negotiate on their behalf with the Landlord in respect of the current Rent Review as well as to seek rental relief in regard to the enforced closures predicated by the COVID-19 pandemic.
In this engagement we had to negotiate with the Landlord seeking both a reduction in the then passing rent for the unit as well as seeking a substantial write-off (Covid relief) of arrears that had built up during the period of enforced closure. The matter was complicated by the lack of comparable evidence around the time of the rent review due to the effective cessation of the retail transaction market due to Covid.
Bannon undertook the negotiations based upon careful research and analysis of the evidence that as available as well as referring to examples of Covid Relief payments that were being negotiated by Bannon in numerous other locations nationwide.
Following on from extensive negotiations which initially were unsuccessful with an Arbitrator appointed to deal with the matter, Bannon continued to make the case to the Landlord and a negotiated settlement was reached prior to Arbitration Submissions being issued.
The negotiated settlement position achieved a c. 12.5% reduction of the passing rent as well as the Tenant being granted a substantial reduction to the arrears on their account in the order of 64%.