The new edition has a narrow focus in relation to the legal and valuation principles concerning rent review determinations and associated matters, but it contains valuable material relating to the interpretation of commercial and retail shop leases, nature of valuations, and the duties of valuers undertaking rent review valuations.
It covers a complex and specialised subject, provides valuable assistance to lawyers and valuers who practise in the area, and teaching institutions which conduct courses in property and valuation law.
The third edition contains references to, and summaries of, relevant cases decided throughout Australia since the publication of the second edition some five years ago. Several topics have been expanded and new topics added.
The topics which have been expanded include: advantages of expert determinations; construction of lease clauses and meaning of terms used; effect of exclusion of ratchet provisions; mistake in departing from instructions; whether determination made in accordance with the contract; error in interpretation of lease; whether mistake in accord with legislation; independence of the valuer; bias by the valuer; difference between valuation and arbitration; whether determination final and binding; provision of information by parties; duty to accord procedural fairness.
New topics include:
concise explanation of general law of construction of leases
error in valuer giving reasons
future work by lessee
whether assessment of rent by parties reasonable
whether time of essence
failure to give detailed reasons
interpretation of provisions lease
application of profits method of valuation to rent review of hotels
interference with valuer’s discretion
jurisdiction of the Western Australian Tribunal.