Rent Review
The Challenge
O’Neill & Co were engaged by an independent business owner in Dublin city centre whose rent was due for review, after the first 5 years of his 25-year lease. The landlord in this case had sought a sizeable rent increase which the tenant viewed as unrealistic and unfair. Following advice from Stephen Keeler of O’Neill & Co., the tenant offered to settle the rent review at a rent in line with market levels. The landlord refused to accept the proposed rent. A stalemate resulted, and the landlord applied for an arbitrator to be appointed.
The Solution
O’Neill & Co. represented the tenant throughout the arbitration process. Having undertaken significant property market research for the local and surrounding areas, O’Neill & Co. prepared written submissions and attended an oral hearing with the arbitrator as well as the surveyor acting for the landlord.
The Benefit
The tenant had professional representation during a particularly difficult period of negotiations, giving him the peace of mind that his best interests were being represented and allowing him to focus on running his business. He was happy with the arbitrator’s Final Award, which was to set the rent in line with market rents for similar-type properties in the area, as had been suggest by Stephen Keeler of O’Neill & Co. following our engagement and initial review
Key Contacts:
Darac O’Neill
Stephen Keeler