5 Jan 2001
New System Ltd. v. China International Reinsurance Co. Ltd.
- Citation
- New System Ltd. v. China International Reinsurance Co. Ltd.
- Court
- Lands Tribunal
- Case number
- LDNT313/2000
The Tribunal selected Comparable 1 as the best comparable (one floor above and identical saleable area), applied a 1% downward adjustment for floor level and a 12% overall downward adjustment for defects (rejecting the applicant's 20% and the respondent's 5%), and rejected the 10% fittings adjustment because the tenant had accepted the floor condition in Exhibit R2; on that basis PMR for the new tenancy was fixed at $64,400 per month and the Tribunal ordered the new tenancy and ancillary amendments.