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, and even in the same properties.
It refers to the relevant valuation and legal principles, with 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; whether determinations are final and binding on the parties.
[A] comprehensive examination of a relatively narrow area of the law. ... [I]t is an invaluable tool for the specialist, or any legal practitioner who is drafting, or advising on, rent review provisions in a lease, or a valuer who is making a rent review determination.
Reading this book also reminds one of how much judicial scrutiny there has been on this issue and how careful a draftsman needs to be to ensure that the intention of the parties to a lease is reflected in the rent review determination clauses. ...
... [T]he author’s enthusiasm for the topic ... is reflected in the text which is both well written and extremely comprehensive.
... [T]his book is the last and most comprehensive word available in Australia on the topic. If you are involved in a dispute which touches on a rent review determination, if you are drafting clauses concerning rent review determinations, or you are a valuer about to undertake a determination, this book should be your bible. - Alternative Law Journal, Vol 31:2 June 2006
As with so many Federation Press books, this is an excellent bringing together of common law on a discrete area. Having read the book, I wonder now how I could ever have given advice to any client about how to interpret rent review provisions in the absence of having read this text.
Alan Hyam says nothing in this book without citing direct court authority for the proposition, and in most instances carefully picks out the particular quote relevant to the proposition. Very precise, and very helpful.
I would now consider this text essential to read in entirety before embarking on advising on a disputed review process or result ... [and also recommend it] as a casual refresher of the issues surrounding rent review. - Phillip Kimber, Law Society of Tasmania Newsletter, Autumn 2006
Table of Contents
Table of Cases
Table of Statutes
Basis of Assessment
Lease Incentives or Inducements
Principles of Assessment Applied
Retail Shop Leases
Functions of the Valuer