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This paper considers the valuation in 1982 of the freehold interest in an industrial estate. The freeholder has granted a ground lease to a developer who has over a period of years constructed and let a number of factory and warehouse units. The ground rent is geared to a percentage of the rack rents on review every seven years. The majority of the occupation leases of the units on the estate are on a five‐yearly rent review basis with one unit on a three yearly rent review basis.