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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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