Brown v Gloucester CC
Brown v Gloucester CC
- 1998
- Estates Gazette (9816) 18 April 1998, 137-140(4) .
CA 3 November 1997. Gloucester CC granted a lease for a term of 125 years of vacant land with the intention that the land be developed. The lease was subject to a five year upwards-only rent review. The rent at review was to be equal to the passing rent or ten per cent of the rack-rental value or whichever was greater. If no building had been constructed the rack-rental value was to be defined in relation to a `notional building site coverage...` hypothetically let in the open market. The tenant contended successfully that the valuer should treat each of the buildings as let for the residue of the term granted by the lease. Landlord appealed. Appeal allowed.
BROWN V GLOUCESTER CC
RENT REVIEW CLAUSE
TERMS OF LEASE
UPWARDS-ONLY
CA 3 November 1997. Gloucester CC granted a lease for a term of 125 years of vacant land with the intention that the land be developed. The lease was subject to a five year upwards-only rent review. The rent at review was to be equal to the passing rent or ten per cent of the rack-rental value or whichever was greater. If no building had been constructed the rack-rental value was to be defined in relation to a `notional building site coverage...` hypothetically let in the open market. The tenant contended successfully that the valuer should treat each of the buildings as let for the residue of the term granted by the lease. Landlord appealed. Appeal allowed.
BROWN V GLOUCESTER CC
RENT REVIEW CLAUSE
TERMS OF LEASE
UPWARDS-ONLY