Family owned business major landlord; new lease; Tenant got “stitched up” with wholesale sales brought into percentage rent. Perhaps some misrepresentation going into lease.
Lease conditions / lease terms:
New 5 year lease; 18 months into lease;
Gross rent paid: $160,000 pa;
Ran software modelling: used industry benchmarks; similar butcher shop premises (rental evidence) supported circa $100,000 pa gross;
Tenant requested Landlord renegotiated new lease terms. Gave notice, paid out creditors and closed shop down and saved 3 ½ years of his life to do other things.
Inflated rents may significantly inflate the value of any property. Prior to acquiring a property, test the veracity of the leases and rent levels.