ChD 13 March 1992. By a lease dated 14 June 1972 granted by the the plaintiff`s predecessor in title to the council five acres of undeveloped land was let for a term of 62 years. There was a short rent-free period and thereafter a rent of £16,000 pa subject to review. The council covenanted to divide the land into plots which were to be underlet for the construction of factories and warehouses. The rent review period was twenty years and the rent should be the higher of the current rent and the market value rent at that date. The question arose as to whether the market rental value is that of the premises as they now exist or on the assumption thay they had remained undeveloped. The plaintiff claims that one should assume that they should be valued as they exist at the rent review date however the council claims this is unreasonable because the buildings were erected at the undertenants expense and their rent review clauses expressly say that the buildings are to be disregarded. The