The basis of valuation under a rent review clause. In most commercial property Leases, rent is
reviewed periodically to an open Mmrket rent level – the rent review clause will prescribe the exact
terms to be assumed and matters to be disregarded, in a hypothetical letting of the subject property
at the review/valuation date. Usually based on the terms of the actual lease, but can vary e.g. length
of term, whether break options are imported/included, assumptions as to permitted user etc.