It started at £50 a year, or 1% of the sale price, or 60% of the rentable value, whichever is higher.
A clause in his lease said the ground rent would increase to a percentage of the rentable value of the property.
One such lessee, Richard Henderson observed that he had spent around £4,000 maintaining and upgrading the property, and the rentable value of the property rose from £76 to £150 over the period.
An insignificant move, perhaps, but it in fact had the effect of changing the rentable values within the building: suddenly the mall's second floor units could be rented out for more than those at ground level.
Another restriction on foreigners is that any house they buy must have an annual rentable value of at least $153,000 $32,4000 for condominiums), a figure the government arrived at for taxation purposes.
But, crucially, the Valuation Office Agency (VOA) has performed a revaluation of rentable values and this means the changes will be unevenly spread.
Divide the result by the starting value.
Divide the difference by the original value.
By measuring my office I can verify the amount of usable space I have, but I cannot verify the rentable space.
Leases have been signed for all but one of the rentable floors.
