(Isstories Editorial):- Melbourne, Jul 22, 2018 (Issuewire.com) – An escalating dispute between Masakali Estate Agents and Extron PTY LTD is threatening to boil over into the courts. Flamboyant Real Estate CEO Luke Hemmings is getting ready for a high stakes legal war as the lessor Extron PTY LTD threatens to pursue Masakali Estate Agents for losses in relation to a Sublease matter between both parties.
It is believed in or around December 2017 Masakali Estate Agents entered into a commercial Sublease with Extron for a commercial property in Canberras northern suburbs with a view to commence the proposed lease from 21st February 2018.
On 28th February 2018, it is believed that a member of Masakalis Legal Counsel, Mr Andrew Stewart informed Extron that Masakali had no intentions to proceed with the Sublease. Mr McDonald, Director for Extron PTY LTD confirmed in the same conversation with Mr Stewart that Extron accepted that Masakali could no longer trade in Canberra due to legal reasons at the time and that the Property must be subleased to another tenant; and that he did not have any intention of claiming losses from Masakali Estate Agents. McDonald later confirmed in a relevant email to the agencies Legal Counsel that Extron immediately advertised the Property online through Civium Property Group and that the property has a new Tenant who commenced occupation on 13th April 2018. Extron also stated that they have given the new tenant a rent-free period for the Property from 13th April 2018 to the end of July 2018.
More on Isstories:
- Sizzling Mover to Target: Ultragenyx Pharmaceutical Inc. (RARE) stock price settles at $54.40 with movement of -0.06%
- Investors Need to Know Technical Analysis of Broadridge Financial Solutions, Inc. (BR) and Okta, Inc. (OKTA) ?
- SMA of Sarepta Therapeutics, Inc. (SRPT) and Yield10 Bioscience, Inc. (YTEN) can highlight areas of potential support or resistance
- Top Trending Stock within Traders Spotlight: Citigroup Inc. (C) stock price ends at $76.02 with performance of -0.12% on volume of 13398244 shares
- SMA of Axovant Sciences Ltd. (AXON) and ProAssurance Corporation (PRA) can highlight areas of potential support or resistance
Upon contacting Mr Hemmings for comment on Friday 20th July 2018, Hemmings stated, We deny that we are liable to Extron for any lost rent and costs Extron incurred to enter into a lease with a new tenant as Extron should claim any costs it incurs in preparing a new lease from the new tenant. Hemmings also argued At no time did Masakali agree that it would pay for any costs Extron incurred in entering a lease with a new tenant, furthermore it was Extrons prerogative and commercial decision to give the new tenant a rent-free period from 13th April 2018 to the end of July 2018.
Masakali Estate Agents has offered to settle the matter outside of court on the basis that Extron has not lost rent as a new tenant occupied the property on 13th April 2017, Extrons claim for lost rent of $1,666.66 would be paid and allocated by the bond paid by Masakali (lessee) of $1,833.32, Extrons claim for costs of $1,089.00 would be paid by Masakalis deposit of $909.09. Extron also agreed that it would not charge any rent to the companies new tenant between 13th April 2018 and the end of July 2018, Therefore Extron will only be entitled to compensation of $179.91 which has been offered as settlement to the matter by Hemmingss Legal Counsel with no response from the lessor as of Friday 20th July 2018.
Legal Counsel for Masakali Estate Agents, Ms Rochelle Castro stated I am instructed that Mr McDonald, Director of Extron PTY LTD previously prepared the sublease for Masakali Estate Agents, therefore he would not be entitled to claim costs that he has not occurred. It is unreasonable for Extron to demand payment for costs that it has not incurred, and it is not legally qualified to claim such as costs to prepare the sublease mentioned for the new tenant.. Castro also stated that In the event that Extron takes legal action on this matter, Masakali will vigorously defend the matter and to date we have enough correspondence and supporting materials to suggest the claim against Masakali Estate Agents would be invalid if questioned on the costs being claimed by Extron.
It is believed that as of close of business on Friday 20th July 2018, correspondence was issued to Extron PTY LTD advising Our firm has identified that we have not had any form of contact from you recently. As a result, we will be closing this matter immediately.
Masakali Estate Agents – Melbourne
This Press Release was originally published by IssueWire. Read the original article here.