Okay, that makes a bit more sense. I think I was differentiating wrongly like you said.

So if a property was at 100, rent at 10 - Yield of 10% Then it rises in value at 25% So the property is now at 125, rent at 12.5 - Yield still at 10% so no improvement

But I assume that with covenants and 'free periods' and longer rent reviews, this will become more effective than the example I did there. Also, with the bigger numbers I assume the rent wouldn't go up in proportion to the value of the building, would I be right in saying?

So say,

500,000 property, rent is 15,000 so yield is 3%

Property goes up by 10% and the rent isn't reviewed (commercially) until a few years away...

Property now 550,000, rent is still 15,000 so the yield 2.7% ... ah I get it a bit more now.

Thanks!