03/06/2021 - 12:00

Greens & Co sued over $650k rent 'debt'

03/06/2021 - 12:00

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The landlords of popular Leederville cafe Greens & Co are suing the business’s former owner in a bid to recoup more than $650,000 allegedly owed in rent, just one month after the venue's closure.

Greens & Co sued over $650k rent 'debt'
The writ filed in the Supreme Court centres around $650,000 in rent Greens & Co allegedly owes. Photo: Attila Czar

The landlords of popular Leederville cafe Greens & Co are suing the business’s former owner in a bid to recoup more than $650,000 allegedly owed in rent, just one month after the venue's closure.

The cafe had been a prominent feature of the Oxford Street strip for more than 15 years until a notice appeared in the window of the business in April indicating the landlord had repossessed the premises.

It was the latest hospitality business on the strip to become a casualty of the COVID-19 pandemic.

According to a writ filed with the Supreme Court this week, 123 Oxford Street is owned by Peter, Panos, Michael, and Angelos Panegyres, a family that has owned commercial property in Leederville for more than 60 years.

The Panegyres family claims the business's closure followed an alleged breach of a 2012 lease agreement by tenant Vast Investments and business owner and guarantor Stuart Christopher Lofthouse.

In the writ, the Panegyres family claims it entered into a lease agreement with the former lessees in 2007, an agreement later amended to include Vast Investments and Mr Lofthouse after they took over the business.

The landlords allegedly issued a default notice to the tenant on March 31 2021 demanding payment of rent and operating costs in the order of $652,000.

But, in breach of the notice, the tenant allegedly failed to repay the money.

On April 14, the landlords claim they re-entered and took possession of the premises and accepted the tenant’s repudiation of the lease, before terminating the agreement.

In a letter dated April 27, the landlords demanded that Mr Lofthouse pay the landlords the money owing within 14 days.

However, it's alleged those funds were not paid.

The Panegyres family is now seeking a court order that would force Vast Investment or Mr Lofthouse to repay $662,599, as well as damages for allegedly failing to comply with the agreement and interest on those payments.

Read more about Leederville and its vision for the future in our latest article on the area's plan to accommodate more than 350 new apartments. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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