CA 1 April 1993. The applicants (L) granted a 25 year lease to the respondants (P). The lease provided for five yearly rent reviews with reference to arbitration. The rent review valuation required an assumption that the premises are fit for immediate occupation and use and that all fitting out and work required by a willing tenant had been completed. It also stated that any increase in value due to improvements at the relevant review date and any effect on rent of the absence of any rent-free period or contribution to fitting out costs should be disregarded. At the first review consent was given under Arbitration Act 1979 s2(1)(a) for the determination of a preliminary point of law. P appealed on the grounds that it was assumed that the fitting out and other works required by the lessee had not been carried out at the expense of the lessee. Appeal allowed on the grounds that the purpose of the clauses was to preclude the tenant from arguing for a discount on the grounds that the hyp