312-210 Chargeable consideration for non-residential leases and mixed leases
Rent and other consideration
Generally speaking, a land transaction consisting of the grant of a new lease of non-residential property will give rise to at least one form of consideration − rent – and often two forms of consideration – premium and rent.
Rent is a form of ‘deferred’ consideration whereby an agreed sum of money is to be received during the term of the lease by instalments at regular intervals. The level of rent is normally subject to periodic review, known as the rent review, and often set at five-yearly intervals.