3RD FLR THE STEWARD BUILDING, 12, STEWARD STREET, E1 6FQ
Office and premises Decided 19 December 2024 CHG100108110 Altus Group - Oakland - Manchester
Figures are as stated in the decision; a dash means the document does not state that figure.
What was argued and what the tribunal found
The appellant challenged the RV of £450,000, contending for £450/m2 and a revised RV of £405,000, arguing the property was overvalued and should be assessed lower than comparable landmark buildings. The tribunal found the rental evidence for properties in the same building (particularly the 4th-6th Floors at £500/m2 close to the antecedent valuation date) to be most relevant and preferred the Valuation Officer's approach to amortising lease incentives over the 10-year lease term and applying an 8% fit-out uplift. The tribunal dismissed the appeal, finding the appellant failed to produce sufficient evidence to justify a reduction.
Summary generated from the decision text and checked against it. The appellant was Bacardi Global Brands Ltd, represented.
Grounds argued
- Comparable assessments (tone) · decisive
- Rental evidence
- Valuation method
- Evidence
- Rents, Settled assessments, Photographs, Expert report
- Cases cited
- Lotus & Delta v Culverwell; Gardiner & Theobald LLP v David Jackson; Merchant Investors Assurance Co Ltd v Sercombe; Edma Jewellers v Moore; Specialeyes v Felgate; Dorothy Perkins Retail Limited v Casey
- Hearing
- 13 November 2024
Similar decisions
- 12th-24th Flrs 5 Bank Street, E14 4BG — Allowed in part, 1 Dec 2025
- 81 Mile End Road, E1 4TT — Dismissed, 26 Sept 2025
- Grnd Flr And Pt 1st Flr At 429, Westferry Road, E14 3AL — Dismissed, 21 Jul 2025
- 6 TH FLR, COMMODITY QUAY, E1W 1AZ — Dismissed, 17 Apr 2025
All decisions in London Borough of Tower Hamlets · Offices nationally
Is your own rateable value in line?
A free check compares a property with the assessments around it and says plainly whether there is anything worth pursuing.
Check a propertyThe tribunal’s decision in full
Decision © Crown copyright, published by the Valuation Tribunal Service under the Open Government Licence v3.0 and reproduced unaltered. This site does not index the names of private individuals that appear in decisions. Information, not advice.