27 Jul 2023
PREMIER PROPERTY DEVELOPMENTS LTD v OHL LTD [2023] NZHC 1962
- Citation
- [2023] NZHC 1962
- Court
- High Court
Premiere breached clause 7.1(2) by failing to disclose its consent/waiver of the basement tenant's reduced rent which directly affected the property's tenancy description, but OHL's Fair Trading Act claim failed because it was not misled by Premier given Colliers and its agent had informed OHL of the rent subsidy prior to contract; the only compensable loss from the contractual breach was the lost rental cashflow for the balance of Buza's lease, a loss eliminated by Premier's reasonable offered rent underwrite, and Premier is therefore entitled to recovery of the $692,000 stakeholder balance…