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RETAIL SHOP LEASES ACT 1994 - SECT 29
Matters to be considered by specialist retail valuers
29 Matters to be considered by specialist retail valuers
(1) In making a determination of the current market rent, the specialist
retail valuer— (a) must determine the rent— (i) 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
(ii) on the basis of
gross rent less lessor’s outgoings payable by the lessee under the lease;
and
(iii) on an effective rent basis; and
(b) 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
(c) must have regard to— (i) the terms
and conditions of the lease; and
(ii) submissions and responses from the
lessor and lessee about the market rent of the shop; and
(iii) the other
matters prescribed by regulation.
(2) 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.
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