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
- sufficient notice
- 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.
Preface
Acknowledgments
Table of Cases
Table of Statutes
1. Introduction
2. Basis of Assessment
3. Lease Incentives or Inducements
4. Challenging Determinations
5. Principles of Assessment Applied
6. Retail Shop Leases
7. Speaking Valuations
8. Functions of the Valuer
Index
Reviews of previous editions:
This book is a reminder of just how much consideration is required to draft complex contracts such as commercial leases. The issues discussed by the author are elucidated by references to, and passages from, the seemingly vast amount of judicial examination of disputes arising from rent review clauses.
This would be a valuable reference tool for lawyers that practice in property law and, in particular, lawyers that advise on disputed rent reviews or determinations. The text is also relevant to other property professionals engaged in the management of leases, especially valuers who undertake market rent review determinations.
Edward Campbell, Ethos, ACT Law Society, March 2015
The variety and number of cases cited in this volume highlights the ripe source of litigation provided by rent review disputes.
The text explores the issues primarily by extracting relevant parts of judgments that deal with the point under consideration. Wrapping up sections with succinct summaries may have been useful to synthesise the sometimes dense case extracts.
Despite the many cases initiated, the text highlights the practical difficulties of succeeding in challenging rent review determinations.
Invaluable headings aid in navigating this specialist text.
Jamie Bolic, InPrint, Law Institute Journal Victoria, March 2015
[A] comprehensive examination of a relatively narrow area of the law. … [I]t is an invaluable tool for the specialist, or any legal practitioner who is drafting, or advising on, rent review provisions in a lease, or a valuer who is making a rent review determination.
Reading this book also reminds one of how much judicial scrutiny there has been on this issue and how careful a draftsman needs to be to ensure that the intention of the parties to a lease is reflected in the rent review determination clauses.
… [T]he author’s enthusiasm for the topic … is reflected in the text which is both well written and extremely comprehensive.
… [T]his book is the last and most comprehensive word available in Australia on the topic. If you are involved in a dispute which touches on a rent review determination, if you are drafting clauses concerning rent review determinations, or you are a valuer about to undertake a determination, this book should be your bible.
Alternative Law Journal, Vol 31:2 June 2006
As with so many Federation Press books, this is an excellent bringing together of common law on a discrete area. Having read the book, I wonder now how I could ever have given advice to any client about how to interpret rent review provisions in the absence of having read this text.
Alan Hyam says nothing in this book without citing direct court authority for the proposition, and in most instances carefully picks out the particular quote relevant to the proposition. Very precise, and very helpful. …
I would now consider this text essential to read in entirety before embarking on advising on a disputed review process or result … [and also recommend it] as a casual refresher of the issues surrounding rent review.
Phillip Kimber, Law Society of Tasmania Newsletter, Autumn 2006
