The tenant has carried out improvements – are they included in the rental valuation?
It is common to find that improvements are expressly disregarded in the rent review provisions found in the lease. However, unless the lease expressly disregards improvements, the valuation will include improvements. This is even the case where the tenant has taken a bare parcel of land and then built upon it. The premises to be valued will consist of the land, the tenant’s fixtures and landlord’s fixtures. Tenant’s removable fixtures are not generally valued on review.
