https://www.sclqld.org.au/caselaw/QCAT/2013/561 . Gift wear Shop. Second SRV ordered to determine current market rent CBD Retail Shop.
Complexity: 8 / 10
Parties to Dispute: Silver Jewellery Shop & Piercing Planet v Telado Pty Ltd & G&J Drivas Pty Ltd  QCAT 561 (RSL128-12) parties legally represented.
Make submission to SRV; on failing to determine current market rent in accordance with the Act, assist Tenant and legal advisors to overturn determination.
Description of Dispute:
Original rent was $292,000. Landlord proposed similar. Our evaluation suggested that reasonable rent ought to be circa $160,000 to $180,000.
The first Determining Valuer ‘plucked a fly off the wall’, used a rent for a lease that never came into existence and or it was for a completely different type of retail use. Rent “determined” aka sic at $253,000, exactly the same “number” if adjusted back over term of lease.
Second valuer determined current market rent as circa $212,000.
Inflated rents may significantly inflate the value of any property. Prior to acquiring an investment property, it is strongly suggested that one tests the veracity of the leases and the rent levels.