4Th-6th Flrs 211, Old Street, EC1V 9NR

What was argued and what the tribunal found

The appellant sought a reduction due to material change of circumstances caused by redevelopment works at the adjacent Tower building, and initially argued the internal staircase should be excluded from valuation. The tribunal found the internal staircase should be treated as value-neutral and that a 6% allowance was appropriate for the MCC, being more modest than the appellant's 10% claim but reflecting comparable settlements and the extent of remaining works. The tribunal rejected the Valuation Officer's argument that the property was undervalued, finding the original £200/m² rate was appropriate given the property's disadvantages.

Summary generated from the decision text and checked against it. The appellant was Farfetch UK Ltd, represented.

Grounds argued

• Change of circumstances · decisive
• Floor area or measurement

Change of circumstances

building works at neighbouring office; noise, dust, vibration and loss of amenity

Evidence

Rents, Photographs, Expert report

Cases cited

Borough Machines Ltd v Mooney; Specialeyes plc v Felgate; Dorothy Perkins Retail Ltd v Casey; O'Brien v Harwood; National Australia Group Europe Ltd v Golding; Cantillon Capital Management v Dunlevy; Bloomsberg LP v Dunlevey; Manning; Cobham plc v Dunlevey; Standard Bank plc v Jackson; Hostsoho Ltd v Jackson; VTE v Jackson

Hearing

26 March 2021

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