http://www.legislation.gov.uk/apni/1964/36/section/15Business Tenancies Act (Northern Ireland) 1964An Act to provide security of tenure for certain tenants occupying premises for business, professional or certain other purposes by enabling them to obtain new tenancies in certain cases or in certain circumstances to obtain compensation; to make provision for the payment of compensation in respect of certain improvements to such premises; and for purposes connected therewith.texttext/xmlenStatute Law Database2013-02-182009-10-01 PART I151The rent payable under a new tenancy granted by order of the Lands Tribunal under this Part shall be such as may be agreed between the landlord and the tenant.2In the absence of agreement the rent shall be such as may be determined by the Lands Tribunal to be that at which, having regard to the terms of the tenancy (other than those relating to rent), the holding might reasonably be expected to be let in the open market by a willing lessor, there being disregarded—aany effect on rent of the fact that the tenant has or his predecessors in title have been in occupation of the holding;bany goodwill attached to the holding by reason of the carrying on thereat of the business of the tenant (whether by him or by a predecessor of his in that business);cany effect on rent of any improvement—icarried out by the tenant or a predecessor in title of his; oriiwhere the tenant or a predecessor in title of his has remained in occupation of the holding during two or more tenancies, carried out by him or that predecessor in title during a tenancy other than the current tenancy;other than in pursuance of an obligation to the immediate landlord;din the case of a holding comprising premises licensed under the Licensing Acts (Northern Ireland), any addition to its value attributable to the licence, if it appears to the Lands Tribunal that having regard to the terms of the current tenancy and any other relevant circumstances the benefit of the licence belongs to the tenant.3None of the provisions of the [ Rent (Northern Ireland) Order 1978 ] shall operate to limit or affect the amount of the rent which may be fixed by the Lands Tribunal under subsection (2).Subs. (4) rep. by 1978 NI 201978 NI 201971 c.13 (NI)1978 NI 20