Retail Shop Leases Act 1994
sec.28Rent review on basis of current market rent
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sec.28 Rent review on basis of current market rent
This section applies if— rent under a retail shop lease is to be reviewed on the basis of the current market rent of the leased shop; and the lessor and lessee can not agree on the current market rent within 1 month after the review date. The current market rent is to be determined by a specialist retail valuer agreed by the lessor and lessee, or failing agreement, appointed by the chief executive. The valuer may carry out the determination only if the valuer is independent of the interests of the lessor and lessee. s 28 amd 2016 No. 21 s 26 (sec.28-ssec.1) This section applies if— rent under a retail shop lease is to be reviewed on the basis of the current market rent of the leased shop; and the lessor and lessee can not agree on the current market rent within 1 month after the review date. (sec.28-ssec.2) The current market rent is to be determined by a specialist retail valuer agreed by the lessor and lessee, or failing agreement, appointed by the chief executive. (sec.28-ssec.3) The valuer may carry out the determination only if the valuer is independent of the interests of the lessor and lessee.
- (a) rent under a retail shop lease is to be reviewed on the basis of the current market rent of the leased shop; and
- (b) the lessor and lessee can not agree on the current market rent within 1 month after the review date.