South Great Georges Street, Dublin 2
Bannon were engaged by the Tenant Yamamori Noodles Limited to negotiate with representatives of the Landlord in respect of agreeing the commercial terms for a new lease on their premises at No. 71/72 South Great Georges Street. While the Tenant had accrued rights of renewal under the Landlord & Tenant legislation there was disagreement as to the appropriate commercial terms for the new lease.
In dealing with the Landlord’s representatives and also liaising with the clients solicitors, Bannon were conscious that the client was reluctant to apply to Court for settlement of this matter if same could be amicably settled through negotiation.
As part of this instruction Bannon undertook extensive due diligence and research into comparable transactions within the food and leisure sector in order to establish a benchmark of rental levels being achieved. Based upon this information Bannon were well informed in their negotiating position which resulted in a positive outcome for their client.
Following protracted negotiations Bannon successfully negotiated a new long-term lease for their client in the subject premises together with flexible break options. The new lease rent was set at a level that evidenced a c. 23% reduction from the rent that was previously payable up to the expiry of the old lease with an initial rent-free period also negotiated into the agreement.