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Luxury shop in Vienna faces rent hike

One of the most luxurious food shops in Vienna, "Meinl am Graben" could have it's rent doubled if the landlord of the property used by the shop has his request granted by Viennese authorities.

The popular luxury shop is paying 30.000 Euros a month for renting 2.500 square meters on the Graben street in the first district, which is 12 Euros per square meter. At the same time luxurious shops on the same street or nearby at Kärntner street are paying at least 150 Euros per square meter.

Founder of the Immobilienkonzern Signa Holding and landlord of the property Rene Benko wants to double the rent, which means that "Meinl am Graben" will eventually need 720,000 Euros per year to keep renting it’s current building.

Herbert Vlasaty, the director of the "Meinl am Graben", has said that he is feeling optimistic about the situation. The food shop has won the case already in the Regional Court for Civil Matters and the Supreme Court and even now the case is being seen by Vienna's Arbitration Body they still feel hopeful.

According to Vlasaty, the case will take between half a year and one and a half years to be examined.

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