We are occasionally called upon to act as independent valuers in the setting of rent for leases. We also and more commonly provide an advocacy role for our clients where independent valuers have been appointed to determine rent and invite submissions from lessor and lessee which is then taken into account by the valuer.
This process can be a distinct advantage if understood and implemented well. The intent of a Market Review is to allow the rent to be adjusted at a designated time to current market conditions taking into consideration the terms of the lease. This is an opportunity to have the rent adjusted to an affordable level for the tenants specific use but if not managed appropriately an excellent opportunity could be lost.
Once again, this requires a good understanding of your lease and the terms contained within it. If you are unsure of the process or any of the various aspects of a Market Rental Determination, we would be happy to help.
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“I thought I was paying too much rent but didn’t know how to go about the determination process. Mark knew the legislation inside out and built a compelling submission that ended up with a significant rent reduction. Saved me tens of thousands over the term of the lease”
Wayne Duffy - Dulwich Bakery