Bissett v Marwin Securities Ltd
Bissett v Marwin Securities Ltd
- 1987
- Estates Gazette 281(6316) 10 January 1987, 75-76(2) .
ChD 2 October 1986. Concerned construction of a rent review clause. An originating summons was made by the lessee. The lease stipulated the premises be used only for the operation of amusement machines at a rent of £12,500 pa subject to an upwards-only rent review at regular intervals. At the first review, the lessor`s surveyors served notice, stating the new rent was to be £18,300 determined by adding an additional rent calculated at 10% per annum compound on the initial rent of £12,500. The lessee objected on the basis that the 10% compound formula operated only if there had been a "preceding rent review". The lessors replied that if the compound formula was inappropriate, they would rely on the retail price index or similar to produce a sum of £15,635. The court had to determine the rent for the first review period. The lessors argued that the 10% formula should be read as if, after the words "the immediately preceding rent review", there were added the words "or the commencement
C H BAILEY LTD V MEMORIAL ENTERPRISES LTD
CONSTRUCTION OF CLAUSE
RENT REVIEW PERIOD
ChD 2 October 1986. Concerned construction of a rent review clause. An originating summons was made by the lessee. The lease stipulated the premises be used only for the operation of amusement machines at a rent of £12,500 pa subject to an upwards-only rent review at regular intervals. At the first review, the lessor`s surveyors served notice, stating the new rent was to be £18,300 determined by adding an additional rent calculated at 10% per annum compound on the initial rent of £12,500. The lessee objected on the basis that the 10% compound formula operated only if there had been a "preceding rent review". The lessors replied that if the compound formula was inappropriate, they would rely on the retail price index or similar to produce a sum of £15,635. The court had to determine the rent for the first review period. The lessors argued that the 10% formula should be read as if, after the words "the immediately preceding rent review", there were added the words "or the commencement
C H BAILEY LTD V MEMORIAL ENTERPRISES LTD
CONSTRUCTION OF CLAUSE
RENT REVIEW PERIOD