Lazari Investments has settled a £250,000 claim that arose after it breached a restrictive covenant by letting a shop to Tesco.
The family property empire – run by Christos Lazari – has agreed to pay £79,000 in settlement of a claim brought by two of its north
The pair issued a writ after Lazari allowed a Tesco Express to open last year in the same shopping parade as their own supermarket at Salisbury Palisade in Haringey, London N15.
They claimed that they should be paid the entire uplift in the value of the freehold as a result of the Tesco letting because Lazari should not have let the unit to a competing business. According to the claim, the property’s value had increased by £250,000 to £1.1m.
However, the dispute was settled out of court last month, with Lazari admitting that it had mistakenly overlooked the restrictive covenant in its 1995 lease to Koc and Toprak.
Director Len Lazari said: “We realised that a mistake had been made, and when that happens we put it right.”
He added that the £79,000 settlement was agreed to reflect the amount that Lazari might reasonably have expected to pay the claimants to have the restrictive covenant removed from their lease before the Tesco deal. The claimants’ lawyer declined to comment.
