Luxembourg landlord sublet Mountjoy Square property for decade, despite…
Mr Godart said he wanted to use the basement as an office for his property management business, and that his wife would use a part of the space for a beauty salon. “I was impressed by him. He told me he was in property and that his father was a partner in a private bank in Luxembourg and they invested in property. He told me they operated in Luxembourg, Belgium and Germany and he was invested in property with no recourse to loans,” she says.
Ms O’Flanagan did not take her solicitor’s advice. “He came back with a personal reference from someone who had done business with him. So I decided I’d only offer a two-year lease and ask for 2½ months rent as a deposit and see what reaction I got. Marc rang me and said, ‘absolutely no problem’. He would charm the birds out of the trees.”
In September the salon started trading, but the property business did not yet appear to be up and running. The following month Ms O’Flanagan visited the basement and encountered a woman who introduced herself as a new tenant, not part of the beauty salon, who was about to start a massage therapy business in the basement.
“At this stage, I went to the first salon and asked what arrangement they had with Marc.” It was then Ms O’Flanagan discovered they had been given a 10-year lease at €17,280 annually, also paid into the Luxembourg account. This, in addition to the massage therapist’s rent, meant Mr Godart would be taking in €25,680 a year, with the possibility of further subletting contracts to come.
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