The rent that would be payable after any rent-free period, concessionary rent period or other inducement has expired.

For example, if a landlord wants to achieve a headline rent of £100,000 per year for a five year lease, but the market rent for the property is £80,000 per year, the landlord may agree to a rent-free period of one year, followed by four years at the headline rent of £100,000. Over the five year term of the lease, the tenant pays £400,000, which is equivalent to £80,000 per year, but the landlord can quote a headline rent of £100,000 per year. A rent review clause that then disregarded the one year rent-free period would be onerous for the tenant, as the tenant would be assumed to have paid the headline rent of £100,000 per year, for each year of the review period.