This book focuses on the determinations of rents upon reviews or renewals of leases of commercial and retail properties. It provides a detailed analysis of this narrow but complex area, in which the provisions of rent review clauses vary greatly from lease to lease, even in the same properties.

This book refers to the relevant valuation and legal principles and contains extensive reference to case law, including the facts of each case, lease provisions, counsel’s argument, and relevant excerpts from the judgments.

The book explains:

• the history, purpose, and operation of rent review clauses;
• the basis of assessment, including the interpretation of clauses and definition of terms commonly encountered;
• the controversial question of lease incentives or inducements;
• the principles of assessment applied;
• determinations under retail shop leases;
• the distinction between "speaking" and "non-speaking" valuations;
• the functions of the valuer in the process, including the difference between a valuer and an arbitrator;
• the independence of a valuer; and
• whether determinations are final and binding on the parties.

Table of Contents

Preface
Acknowledgements
Table of Cases
Table of Statutes

CHAPTER 1: Introduction
CHAPTER 2: Basis of Assessment
CHAPTER 3: Lease Incentives or Inducements
CHAPTER 4: Challenging Determinations
CHAPTER 5: Principles of Assessment Applied
CHAPTER 6: Retail Shop Leases
CHAPTER 7: Speaking Valuations
CHAPTER 8: Functions of the Valuer

Index