122 Pitt Street Pty Ltd v Universal 1919 Pty Ltd [2015] NSWCA 390

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: 122 Pitt Street Pty Ltd v Universal 1919 Pty Ltd [2015] NSWCA 390 Hearing dates: 18 November 2015 Decision date: 08 December 2015 Before: Bathurst CJ at [1]; Macfarlan JA at [2]; Meagher JA at [44] Decision: (1) Appeal dismissed. (2) Cross-appeal dismissed. (3) Order that the appellant pay the respondent's costs of the appeal and cross-appeal. Catchwords: CONTRACT – commercial lease – rent review – whether determination by valuer made in accordance with contract – lease provided that the lessee must spend a minimum of $1,000,000 on "Fitout Work" – whether the lease's requirement that the valuer disregard the value of the tenant's "fitout" required the valuer to disregard the value of the work to be done by the lessee in the future under the minimum spend obligation – whether the valuer did in fact disregard the value of that work Cases Cited: Legal & General Life of Australia Ltd v A Hudson Pty Ltd [1985] 1 NSWLR 314 Serene Hotels Pty Ltd v Epping Hotels Pty Ltd [2015] VSCA 228 Vesco Nominees Pty Ltd v Stefan Hair Fashions Pty Ltd [2001] QSC 169; Q Conv R 54-555 Category: Principal judgment Parties: 122 Pitt Street Pty Ltd (Appellant) Universal 1919 Pty Ltd (Respondent) Representation: Counsel: B Walker SC/S J Stanton/ M Holmes (Appellant) C Birch SC/J A C Potts (Respondent)

Solicitors: Barraket Stanton Lawyers (Appellant) George Xylas Solicitor (Respondent) File Number(s): CA 2015/106548 Decision under appeal Court or tribunal: Supreme Court Jurisdiction: Equity Division – Commercial List Citation: [2015] NSWSC 234 Date of Decision: 17 March 2015 Before: Kunc J File Number(s): SC 2014/294047