Thursday, March 27 14:13:33
Next Monday, starting at 11.00 am, the Supreme Court will hear an appeal case of major significance to Bewley's Grafton Street and to many other businesses seeking downward rent reviews.
Bewley's has a lease with its landlord - the Johnny Ronan controlled Ickendel Limited, whose loans have been transferred to NAMA.
In the High Court in March of last year, Mr. Justice Charleton ruled that the rent payable by Bewley's Grafton Street to Ickendel Ltd must be allowed to fall to market reflective rates under his interpretation of the provisions of the specific lease that exists between Bewley's and its landlord.
The appeal by the landlord asks the Supreme Court to consider that judgement, i.e. to consider Mr Justice Charleton's interpretation of Bewley's lease.
Bewley's rent doubled to E 1.5m at the last rent review date 1 January 2007, the peak of the property bubble.
The appeal case relates to the original High Court interpretation and decision concerning rent under Bewley's specific lease with Ickendel.
The words "upwards only" do not appear in Bewley's lease with Ickendel, Bewley's said in a statement today.