The Supreme has unanimously upheld the appeal by the Landlord against the High Court Decision in Ickendel Limited v Bewley’s Cafes (Grafton Street) Limited.
The High Court decision had caused uncertainty as to the efficacy of upwards only rent review clauses generally in leases granted before March 2010.
Judge Laffoy did stress that the decision was based on the particular facts of the case and not intended to be of general application.
The Supreme Court judgement will be greeted with relief by NAMA and all landlords and investors and is likely to act as a further stimulus to international and domestic investor interest in Ireland’s recovering commercial property section.
To read the full judgement click on the link below:
http://www.courts.ie/Judgments.nsf/09859e7a3f34669680256ef3004a27de/c2a2bc3e496f958e80257d0800401151?OpenDocument
For further information please contact Shane Keane on (01) 6794165 or by email: shane@donaghys.ie