Have a look at the following text from section 37(2) of the Retail Leases Act 2003 (Vic) (emphasis added): (2) The current market rent is taken to be the rent obtainable at the time of the review in a free and open market between a willing landlord and willing tenant in an arm’s length transaction having regard to these matters— […]

An earlier post on this blog here discusses two cases from Member Nash at VCAT in which the Tribunal held that a rent review covenant with a cap (or, in one case, a cap and collar) was inconsistent with sub-s 35(2) of the RLA 2003.  In another decision handed down today, Acting Senior Member Nash (as the Member […]