ABSTRACT
This chapter addresses the concept of rent, the IVSC definition of market rent together with alternative terminology, demised premises and outgoings, key issues for consideration including make good, lease incentives and restrictive user together with retail lease legislation, rent review and rental determination. It is important to note at the outset that whilst market rent is defined in valuation standards, lease rent can be and often is somewhat different, specifically because of the directions to the determining valuer requiring them to take into account or not take into account certain specific matters. Lease agreements over time have adopted a wide range of terms to describe that rental payable under the lease at rent review or lease option, with some leases defining the term used while others do not. If undefined in the lease, Court precedent may assist in interpreting the meaning of the phrase used in the lease document.
