What is the market value of a commercial property subject to the lease where the tenant has four years remaining under a lease of 200m2 and currently pays $20,000 per annum less than market gross rent? Gross market rental is $100,000p.a. Outgoings payable by the tenant are $50/m2. The Capitalisation rate is 8% p.a. Use either the term and reversion or Layer methodology to calculate your answer. Show all workings.