Matters to be considered by specialist retail valuers
29 Matters to be considered by specialist retail valuers
In making a determination of the current market rent, the specialist retail valuer—
must determine the rent—
on the basis of the rent that would be reasonably expected to be paid for the retail shop if it were unoccupied and offered for leasing for the same or a substantially similar use for which the shop may be used under the lease; and
on the basis of gross rent less lessor’s outgoings payable by the lessee under the lease; and
on an effective rent basis; and
must not have regard to the value of the goodwill of the lessee’s business or the lessee’s fixtures and fittings in the retail shop; and
must have regard to—
the terms and conditions of the lease; and
submissions and responses from the lessor and lessee about the market rent of the shop; and
the other matters prescribed by regulation.
In this section—
effective rent basis, for the determination of rent under a retail shop lease, means determining the rent on the basis of taking into account all associated advantages and disadvantages under arrangements made between the lessor and lessee that reflect the net consideration from the lessee to the lessor under the lease and associated arrangements.
This provision refers to the regulations (prescribed by regulation
). Made under this Act:
This Act’s bill:Explanatory memorandum
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