15 Feb 2017
RESTAURANT BRANDS LTD v QST LTD [2017] NZHC 166
- Citation
- [2017] NZHC 166
- Court
- High Court
The Court held the Arbitral Tribunal did not err in law: cl 4.2 requires rent to be 9% of the 'current freehold market undeveloped block value' of the sublease unit as defined in the headlease (incorporating cl 3.3), meaning the value must be assessed for the sublease unit disregarding goodwill and improvements rather than a numerical pass-through of the headlease valuation; this interpretation is the plain and ordinary meaning and is consistent with contractual context and business commonsense.