30 Oct 1982
NORDIC ASIA LTD AND OTHERS v. STRAWBERRY HILL DEVELOPMENT LTD AND ANOTHER
- Citation
- NORDIC ASIA LTD AND OTHERS v. STRAWBERRY HILL DEVELOPMENT LTD AND ANOTHER
- Court
- Lands Tribunal
- Case number
- LDLA37/1982
The Tribunal held that 'fair market rent' under s.115(1) is the rent that might reasonably be expected in the market disregarding the Ordinance and excluding atypical or non-arm's-length comparables; the Tribunal refused to discount market rent for a general 'package deal' premium, accepted tenant inertia only if evidenced in comparables (and found it negligible here), and affirmed that reasonableness in the wider sense is not an independent statutory criterion. The Tribunal fixed durations, commencements, other tenancy terms and specific rents accordingly.