which he could have obtained for it from a purchaser. Jn the case
of a lease of business premises in which, as in the present case, the
lessee carries on operations of manufacture in buildings and with
machinery which are his own property and which he is entitled to
remove at the expiration of the lease, he has, besides the mere right
of occupation of the soil under the demise, the advantages adverted
to by Lord Halshury which are attendant upon the enjoyment of
that site for the purposes of his business for the residue of the term.
At the expiration of the term, if he does not obtain a new lease,
he will incur the expense and delay attendant upon the procuring
of another site for his business and the removal of his buildings
and business to it, or the erection of new buildings upon it, while,
if he obtains a new lease of the old site, he will for the period of its
duration avoid this expense and loss. A stranger, on the other
hand, acquiring the land for similar purposes will be obliged to
incur a large outlay in buildings and machinery, and to wait for
their erection and completion before obtaining any return for it.
Probably, therefore, the rent which he would pay for the land
without improvements would be less than that which the actual
lessee would, or might, be willing to offer for a new lease. The
tenant might, under these circumstances, reasonably hope to secure
preference, and to obtain a grant of a fresh lease on terms acceptable
to him. Other points will occur to any one, suggesting that the
chances of the "sitting tenant" obtaining a fresh lease on terms
acceptable to him are not a mere contingency, and may have a
very substantial pecuniary value, which may be expressed as the
amount saved by escaping the necessity of removal at the end of the
lease. All these matters would undoubtedly be taken into con-
sideration both by a tenant negotiating for a sale, and by a person
negotiating for a purchase, of the residue of the term, assuming,
of course, that the purchaser would be put for all practical purposes
in his vendor's shoes. All matters which would be so taken into
consideration by an intending purchaser, and which relate solely to
the situation and condition of the land and the improvements upon
it, and the right of ownership and enjoyment which the purchaser
would acquire in respect of them, are, in my opinion, elements to be