Document ID: chunk:federal_register_of_legislation:F2024C01014:reg:17
Version: federal_register_of_legislation:F2024C01014
Segment Type: reg
Provision Reference: reg 17
Character Range: 8682–10258

17  Fair rent
 (1) In the case of a property that is the subject of an application under paragraph 10(1)(b), a reference in section 13 to a fair rent is a reference to a rent that it would be reasonable to pay for the property having regard to:
 (a) the physical characteristics of the property; and
 (b) the location of the property; and
 (c) the purposes for which the property may be used under the proposed lease; and
 (d) the period for which the proposed lease would be granted; and
 (e) the rent payable for leases of similar properties in similar locations; and
 (f) any other factors relating to the property or the proposed lease to which it would be reasonable to have regard.
 (2) In the case of a property that is the subject of an application under subsection 10(2), a reference in section 13 to a fair rent is a reference to whichever is the greater of:
 (a) a rent that it would be reasonable to pay for the property having regard to:
 (i) the physical characteristics of the property; and
 (ii) the location of the property; and
 (iii) the purposes for which the property may be used under the lease; and
 (iv) the period for which the lease was granted; and
 (v) the unexpired portion of the period for which the lease was granted; and
 (vi) the rent payable for leases of similar properties in similar locations; and
 (vii) any other factors relating to the property or the lease to which it would be reasonable to have regard; and
 (b) the minimum rent that may be fixed under the conditions, if any, of the lease that prescribe the minimum rent payable.