Block A and B is block of third generation offices in Dublin 4. It is let to a well-known legal practice on a 20 x 5 year FRI lease which expires in 6 months from now. Under the appropriate legislation, the tenant has served a Notice of Intention to Acquire Relief with a renewal of their lease for a term of 20 years. The tenant is currently paying rent of €2,250,000 per annum and the market rental value (MRV) these offices are €3,750,000 per annum. 4. Present an up to date table of prime market yields for all sectors of the Dublin commercial property market You have been retained to act for the landlord, who would rather agree new lease terms with the landlord without reference to the courts. In negotiations, the tenant has offered to take a new lease on modern terms at an initial rent of €3,282,250 per annum and the rent at subsequent reviews to be 87.5% of the then market rental value of the premises. Making and stating all necessary assumptions, advise the freeholder on whether or not to accept the tenant’s proposal.