16 Feb 2017
MYKONOS PROPERTY TRUST LIMITED v BIRD [2016] NZHC 173
- Citation
- [2016] NZHC 173
- Court
- High Court
Applying the lease terms and statutory test, and on expert evidence using the traditional approach, a ground rental factor of 5.75% on an assessed land value of $525,000 produces a fair annual rent; the lessee's inability to pay or market rent for the whole improved property does not displace the statutory test; therefore landlord entitled to possession, lease cancellation and associated monetary relief.