PARTIES/LEGAL REPRESENTATION/ TYPE OF DISPUTE The inquiry was with regard to the selling price of…
Arbitration matter
PARTIES/LEGAL REPRESENTATION/ TYPE OF DISPUTE
Both parties legally represented by established law firms.
INSTRUCTION: Establish current market rent for highly specific use (sporting facility)
DESCRIPTION OF DISPUTE
Current rent was approximately $215,000. On exercising option proposed, rent was over $220,000
How it was settled
Both Landlord’s and Tenant’s experts agreed on current market rent without going to hearing
New rent being charged, just over $120,000, based on evidence relative to permitted use, location of premises, etc. Over five years the dispute is worth $530,000 + with escalation clauses. If one was an investor without due diligence one might have paid more than double the market value for the property
