North Eastern Co-operative Society Ltd v Newcastle upon Tyne City Council and Another
North Eastern Co-operative Society Ltd v Newcastle upon Tyne City Council and Another
- 1987
- Estates Gazette 282(6338) 13 June 1987, 1409-1414(4) .
ChD 21 November 1986 A lease for 42 years was granted by the defendant council to the plaintiff in respect of supermarket premises, containing provisions for rent reviews , the first review date being 1 December 1983. The lease provided that from the date of review the yearly rent should, in default of agreement, be the initial rent of 5,725 or an amount equal to the rack rental value at the review date as agreed by the parties or,in default, as determined by an independent surveyor agreed by the parties or, (in default), by an arbitrator nominated by the President of the RICS "and this lease shall be deemed for this purpose to be a submission within the Arbitration Act 1950 . Three years before the first review date the plaintiff ceased to used the premises. It offered the lease for acquisition at the initial rent of 5,725 but no purchasers could be found. The parties could not agree the rack rental value, but did agree that the second defendant should act as an independent surveyor
ChD 21 November 1986 A lease for 42 years was granted by the defendant council to the plaintiff in respect of supermarket premises, containing provisions for rent reviews , the first review date being 1 December 1983. The lease provided that from the date of review the yearly rent should, in default of agreement, be the initial rent of 5,725 or an amount equal to the rack rental value at the review date as agreed by the parties or,in default, as determined by an independent surveyor agreed by the parties or, (in default), by an arbitrator nominated by the President of the RICS "and this lease shall be deemed for this purpose to be a submission within the Arbitration Act 1950 . Three years before the first review date the plaintiff ceased to used the premises. It offered the lease for acquisition at the initial rent of 5,725 but no purchasers could be found. The parties could not agree the rack rental value, but did agree that the second defendant should act as an independent surveyor