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RETAIL SHOP LEASES ACT 1994 - SECT 28
Rent review on basis of current market rent
28 Rent review on basis of current market rent
(1) This section applies if— (a) rent under a retail shop lease is to be
reviewed on the basis of the current market rent of the leased shop; and
(b)
the lessor and lessee can not agree on the current market rent within 1 month
after the review date.
(2) The current market rent is to be determined by a
specialist retail valuer agreed by the lessor and lessee, or failing
agreement, appointed by the chief executive.
(3) The valuer may carry out the
determination only if the valuer is independent of the interests of the lessor
and lessee.
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