Court cuts rent on Nassau Street

THE DUBLIN Circuit Court has reduced the rent on another shop in the city centre. Handwoven tweed specialists Kevin Howlin, which had been paying a rent of €90,000 for 39 Nassau Street, is now to have the charge cut to €60,000 per annum.

The trader, who has been in business since 1936, secured a new lease and new rental terms after the 35-year lease ran out on its premises which extends to 74.3sq m (800sq ft) and also includes a basement of 46.4sq m (500sq ft).

The one-third reduction in the rent is still below the 53 per cent drop ordered recently by a different Circuit Court judge in the rent of the Burger King fast food restaurant at 4/5 Grafton Street. It had been paying €436,750 under a 35-year lease which ran out at the end of November, 2009. The new rent fixed in this case was €205,250.

Since then RC McCormack’s Celtic Jewellers at the top of Grafton Street also had its rent cut from €150,000 to €70,000 by order of the Circuit Court. It is one of the smallest shops on the street with a retail area of only 19.5sq m (210sq ft) and storage of 6.5sq m (70sq ft). CB Richard Ellis handled the rent review for Kevin Howlin and Hugh Markey of Lisney represented the landlord, a private investor.

Acting for the same owner, Markey has let an adjoining shop, previously occupied by Blarney, for use as a restaurant. KC Peacher, who currently trade out of the Trinity Enterprise Centre on Pearse Street, plans to open the new restaurant in May. It is understood to have agreed a rent of €200,000 per annum for premises which extend to 464sq m (5,000sq ft) at street and basement level. Another retail premises owned by the same landlord at the junction of Nassau Street and Dawson Street was recently let to Costa coffee at a rent in the region of €200,000 per annum. Lisney also handled this letting.