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The market rent for a warehouse facility is $136,652 per annum net. The passing rent paid by the tenant is $84,592 per annum net.

The market rent for a warehouse facility is $136,652 per annum net. The passing rent paid by the tenant is $84,592 per annum net. The rent will not be reviewed to market until 9 years' time. What is the value of the lessee's interest in this property? If applicable, use a discount rate of 9.09% pa. Round the answer to whole dollars.

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