Subject property is a two$-$storey semi$-$detached house that has been approved for use as a childcare centre. It was leased to a childcare operator at a monthly gross rent of $$5,000$ four years ago under a $3+3$ year Lease Agreement. The childcare operator had spent $$92,500$ in renovating and retrofitting the property four years ago. The owner is now objecting to the Annual Value of $$120,000$ proposed by the Chief Assessor who took into account the prevailing market rentals of childcare centres of similar size and condition in similar locations. The owner has stated three grounds of objection below.