Colm Burke (Fine Gael) | Oireachtas source

I thank Senator Quinn for introducing this legislation and it is important that Members debate this issue. On the reduction of rents, I note that two years ago, a colleague of mine was in the High Court in respect of a rent review on Grafton Street. My understanding had been that it concerned a lease that had expired and that the tenants were entitled to a new lease. However, on checking with my colleague before coming to the Chamber, I learned it in fact was a lease that did not have an upward only rent review clause. The matter went to the High Court for review and the manner in which that court dealt with it was interesting. The issue concerned current market rent and evidence was given by two different valuers, one on behalf of the tenant and the other on behalf of the landlord. I believe the annual rent had been more than €500,000 under the old lease and the person giving evidence on behalf the landlord stated the new rent should be approximately €375,000. However, when questioned as to when was the last time he had negotiated a rent on Grafton Street, he fumbled the reply. On being asked the question a second time, it turned out that in the 30 years of his practice, he had never negotiated a rent on Grafton Street. The High Court duly disregarded his evidence and reduced the rent by 65%.