Upwards Only Rent Review Upheld

On the 1st July, 2014, the Supreme Court reversed the decision of Judge Charleton delivered on the 25th March, 2013, in relation to the High Court case of Ickendel Limited v Bewley's Café Grafton Street Limited [2012] 694 SP. The case was taken by Ickendel Limited ("Landlord") to invoke the rent review provisions in the lease which the Landlord claimed was an upwards only rent review. The lease was for a term of 35 years entered into on the 22nd September, 1987. The Landlord sought a declaration confirming that the review of the rent for the term commencing on the 1st January, 2012, was equal to the greater of (a) the rent payable for the period from the 1st January, 2007 to the 31st December, 2011 or (b) the revised rent for the five years from the 1st January, 2012, reviewed in accordance with the terms of the lease i.e. the open market rent.