31 May 2018
SALTBURN HOLDINGS LTD v PENROSE LEASEHOLD LTD [2018] NZHC 1246
- Citation
- [2018] NZHC 1246
- Court
- High Court
The term 'upset annual rent' in Schedule 2 of the Public Bodies Leases Act 1969 is to be read as synonymous with the fair annual rent determined under that schedule (ie a reserve figure determined by established valuation methods); applying that legal test, the arbitrator did not err in law and leave to appeal is refused due to low prospects of success and the binding arbitration regime.