Glossary

A form of security provided by the contractor’s bank or financial institution that the contractor’s financial obligations under the contract will be met. It may be allowed as an alternative to retention a fund.

The minimum acceptable rent provided in a net lease. The commencing rent in a lease usually with the addition of a ‘percentage rent’ based on turnover.

The statistic against which performance is measured. Benchmark can be median, weighted average or another performance statistic.

The enhancement in value of real estate due to the implementation of a town planning scheme or a public work. An insurance term generally used to identify the potential improvement inherent in replacement assets following a loss. Such potential improvements are not usually allowed when assessing the insurable value of an asset either pre or post loss.

Another term for a lot or allotment of land.

A term used in the Strata Titles Act to describe the body representing the building owners.

Approval from the relevant authority for construction.

The total enclosed and unenclosed area of the building at all building floor levels measured between the normal outside face of any enclosing walls, balustrades and supports. The unit of measurement for building areas is the square metre. (Refer to the Property Council’s Method of Measurement).

Sets minimum community standards for building in terms of health, safety and amenity in buildings for regulatory purposes.

Large format retailer typically selling bulky goods, often located on main arterial highways, either free-standing or in combination with other larger format retailers. (Also known as Big Box in the United States).

When prices are relatively low giving buyers an advantage in the market. (eg. oversupply of particular housing/office stock occurring).