Tribond Pty Ltd v Atinon Pty Ltd [2007] NSWSC 1079

New South Wales Supreme Court

CITATION : Tribond Pty Ltd v Atinon Pty Ltd [2007] NSWSC 1079

HEARING DATE(S) : 20/09/07 JURISDICTION : Equity Division

JUDGMENT OF : Young CJ in Eq

EX TEMPORE JUDGMENT DATE : 20 September 2007

DECISION : Lessee's option to purchase not validly exercised.

CATCHWORDS : ESTOPPEL [29]- Estoppel by convention- Option to purchase granted to lessee- Option not actually duly exercised- Lessor's solicitor acknowledges receipt of lessee's exercise of option- Detrimental reliance on lessor's conduct not proven- No operative estoppel. LANDLORD & TENANT [57]- Options and agreements to purchase- Time matters- Lessee required to give notice of intention to exercise option and provide valuation- Not necessary for valuation to accompany notice of exercise, but valuation must be provided within reasonably short time of giving notice. LANDLORD & TENANT [60]- Options and agreements to purchase- Construction of particular agreements- Option that lessee may "purachase" freehold during option term- Lessee must at least enter into purchase contract- Not done- Option not validly exercised.

LEGISLATION CITED : Retail Leases Act 1994, Schedule 1, s 16 Supreme Court Act 1970

Bragg v Alam [1981] 1 NSWLR 668 Consolidated Development Pty Ltd v Holt (1986) 6 NSWLR 607 Craney v Bugg [1971] 1 NSWLR 13 Eslea Holdings Pty Ltd v Butts (1986) 6 NSWLR 175 Gilbert J McCaul (Aust) Pty Ltd v Pitt Club Ltd (1957) 59 SR (NSW) 122 CASES CITED : Giumelli v Giumelli (1999) 196 CLR 101 Jennings v Rice [2003] 1 P & CR 100 Lindsay v Mahoney (1980) 1 BPR 9584 MK & JA Roche Pty Ltd v Metro Edgley Pty Ltd [2005] NSWCA 39 Moweno Pty Ltd v Stratis Promotions Pty Ltd [2003] NSWCA 376 Sullivan v Sullivan [2006] NSWCA 312; (2007) ANZ Conv R 54 Tasker v Small (1837) 3 My & Cr 63; 40 ER 848