Many leases contain a clause under which if the parties cannot reach agreement on rent reviews, then the President of one of the API's 'Divisions' (ie state/territory offices) is requested to make a nomination of a determining valuer.
An API Divisional President may also be requested to make nominations for non-rent review or capital valuation matters such as for Family Law Court matters, deceased estates or compensation.
Information Required for Nominations
Before a nomination is made the following information is required:
- a Presidential Appointment Application Form must be completed. Different forms exist for different requests:
- payment of the API's nomination fee
- copies of any of the documents requested on page 3 of the Presidential Appointment Application Form
- agreement to the Terms of Conditions of the service on page 3 of the Presidential Appointment Application Form
Please note the Valuer's fee is additional to the API's Nomination Fee.
It is the API Divisional President who undertakes the nomination of valuers. If your lease, agreement or court order does not state the President of an API Division (or one of the Institute's former names) then you will need to provide written confirmation from both parties or their representatives that they are agreeable to the President of an API Division making the nomination.
Institute Name Changes
Former names of the Australian Property Institute which could appear in a lease include:
- Australian Institute of Valuers and Land Economists
- Australian Institute of Valuers and Land Administrators
- Australian Institute of Valuers
- Commonwealth Institute of Valuers
In certain states/territories, the appointment of valuers for properties considered retail under various legislation is undertaken by a different entity even if the lease in question indicates that the Australian Property Institute (or one of our previous names) is the entity which should make the nomination.
New South Wales
The Retail Leases Act 1994 (the Act) has been amended. One of the amendments includes transferring the responsibility for the appointment of specialist retail valuers for current market rent determinations to the Office of the NSW Small Business Commissioner (OSBC). Commencing 1 July 2017, all applications for a specialist retail valuer under the Act will be managed by the OSBC. Further information is available at www.smallbusiness.nsw.gov.au or by phone 1300 795 534.
Leases entered into in Queensland from 29 October 1994 for property which is considered to be retail under the Retail Shop Leases Act 1994 should be referred to the Queensland Civil and Administrative Authority (QCAT). Information about the process of nominating a valuer via QCAT can be found at www.qcat.qld.gov.au
The Retail Leases Act 2003 (Victoria) sets out certain requirements for the appointment of a Specialist Retail Valuer and this function falls under the Office of the Victorian Small Business Commissioner. Further information is available at www.vsbc.vic.gov.au/who-we-help/retail-tenants-landlords/appointing-a-specialist-retail-valuer
The Commercial Tenancy (Retail Shops) Agreement Act 1985 requires that the appointee will be the valuer agreed to by both parties in accordance with s11(3)(a) of the Commercial Tenancy (Retail Shops) Agreement Act 1985. As such please use this alternative Application Form for properties under the Commercial Tenancy (Retail Shops) Agreement Act 1985 in Western Australia.