Celtic Jewellers, which trades at 51 Grafton Street in Dublin, has secured a reduction of more than 50% on its rent. The previous rent was €150,000 a year but Mr Justice John Lindsay ordered a reduction to €70,000 a year.
The rent review was heard in the Circuit Court last week and the rent review had been due since April 2010.
The rent reduction is in line with a ruling last month by the president of the Dublin Circuit Court, Mr Justice Matthew Deery, who set the rent of the Burger King fast food restaurant on the street at €205,250 – a 53% reduction on the rent that applied under the previous lease.
Figures released recently by researcher IPD showed capital values on Grafton Street fell by 8.3% last year compared to a fall of 31.3% in 2009.
Real Estate Opportunities, which is controlled by Johnny Ronan and Richard Barrett, has been refused an extension of its planning permission to redevelop an office block at Mespil Road in Dublin 4. Dublin City Council said the planning permission allowed for an office block of more than 26 metres in height but that the limit in the new city development plan for the area is 16 metres.
The decision comes despite legislation allowing developers to extend planning permissions if economic factors caused a delay to the development. The existing building on the site is let to the Department of Arts.
Champion Sports had not negotiated a single rent reduction with a landlord prior to its sale last week. JD Sports bought the group last week for €19.6m, after the Sunday Tribune first revealed that the two sides were in talks. Champion has 23 shops in Ireland. The deal still requires the ratification of the Competition Authority.
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