DTZ Sherry Fitzgerald - the estate agent which manages the Wilton Shopping Centre in Cork - has said it made a mistake when issuing a rent review demand for an increase of more than 425% to one of its tenants, the Carphone Warehouse.
Speaking on Morning Ireland this morning, CEO of Carphone Warehouse Stephen Mackerel said he could not believe his eyes when he received the rent review notice increasing his rent from €39,000 to €205,000 a year. That, he said, would be a higher rent per square foot than on Grafton Street in Dublin.
This lunchtime, DTZ Sherry Fitzgerald claimed it made a typographical error, and the true amount should be €53,300.
But Mr Mackerel does not accept this explanation. He says he spoke to the CEO of DTZ Sherry Fitzgerald on two occasions in the past week and there was no suggestion that it was a typographical error. He also added that the additional €14,000 a year now being sought is out of line with current economic realities.
According to DTZ Sherry Fitzgerald, this is his first rent review since 2003. Three other shops in the centre were also issued with rent reviews - all calculated at the rate of €205 per square foot and issued with correct notices.
