Commercial Rent Review

[Locvip]

Hi,
I think here is the best place to ask my question. It is really appreciate if anyone can help me
Can anyone help me to explain the Rent review for me please?
The lease just started and Annual Rent is $100k
The rent review is "Fixed 2 yearly 3%".
Does this means that The rent will be 100k, 100k, 103k, 103k in 4 years?
or This will be $100k, $103k, $106.09k and $109.27k?
Thank you for your help.

[IMESS]

Hi - from what you've described "Fixed 2 yearly 3%" it sounds like your first option. But if the lease just started, wouldn't you have just discussed this with your solicitor?
Cheers,

[Davo36]

You need to look at when the rent review dates are in the lease.

The rent can only be raised on those dates.

They are normally specified in the First Schedule of the lease.

[Scouser]

The "Fixed 2 yearly 3%" is the summary - there is normally a detailed and specific description on how the rent is calculated in the body of the lease to answer these sort of questions.