A LEGAL action for repossession of a €10 million property at Smithfield, Dublin, has been initiated against a company over alleged non-payment of rent.
The sub-tenants of the defendant company – Redquartz Smithfield Ltd – are the Light House Cinema and Fresh supermarket, Mr Justice Peter Kelly was told yesterday.
The judge granted permission to Patrick Leonard, for John and Joseph Wickham, owners of the property, to apply on Monday for the proceedings against Redquartz to be admitted to the Commercial Court.
Counsel said the property was valued at €10 million, with an annual rent of €550,000. There were rent arrears, there had been difficulties in the past with rent payments and the defendant was saying it could not pay the rent, Mr Leonard added. He said proceedings had issued for repossession and while the rent arrears did not meet the Commercial Court threshold of €1 million, the property was valued at €10 million and the dispute was a commercial one.
The judge said he would allow the proceedings to be served at short notice on the defendant company and on the two sub-tenants, Fresh Supermarket and the Light House Cinema, and returned the matter to Monday.