000			02607cam a2200205 4500
001			##L132026
008			051221n1996 000 0 eng u
020			_a0854067612
035			_a(Sirsi) u132026
041	0		_aeng
100	1		_aCrosby, Neil
100	1		_aBaum, Andrew
100	1		_aMurdoch, Sandi
245	0	0	_aCommercial property leases: a critical review of the Department of the Environment proposals
260			_aLondon _bRICS _c1996
520			_aIn 1993, the Department of the Environment (DoE) prepared a consultation paper on commercial property leases which asked a number of questions concerning the operation of the landlord and tenant relationship. These questions related to the operation of upwards only rent review clauses, confidentiality agreements and dispute resolution procedures. The Investment Property Forum and the Association of British Insurers collaborated in commissioning research into the questions posed by the DoE. The Corporate Intelligence Group carried out a postal survey of the Forum's membership and the authors of this report were asked to devise a research programme to attempt to give some objective answers to many of the questions posed. The most controversial proposal of the DoE was the possible outlawing of upwards only rent reviews and the DoE sought advice on the effect on value and valuations of this proposal. They asked for similar information regarding the other two discussion areas. The research team produced a report in October 1993 and this paper is substantially that report. It has been slightly amended in the light of referees comments and the passage of time. Not least, the material in Chapter Three was drafted just before the Goode Report investigating Pension Funds was published and subsequently the Pensions Act of 1995 has been enacted. Although much of the original material has been confirmed by subsequent events, this chapter now makes reference to these developments. Although the report is written in direct response to the DoE paper (and should be read as such), it includes material of much wider relevance on the effect of lease clauses on value. It includes a lease structure breakdown of the Investment Property Databank which could be used to test a number of hypotheses. The responses to the CIG survey give valuable insights into the reactions of owners to the questions raised by the DoE and to wider questions concerning lease structures in the property market recession.
520			_aThis item is no longer available.
690			_aPROPERTY-COMMERCIAL PROPERTY-LEASED COMMERCIAL PROPERTY
942			_n0
999			_c104971 _d104971