Basement And Ground Floor, Garden House, WC2E 9JL

What was argued and what the tribunal found

The appellant, a clothing retailer occupying a shop on Long Acre in Covent Garden, challenged the VO's revised assessment of £550,000 RV (Zone A value £4,100 per m²), seeking £462,500 RV (Zone A value £3,450 per m²). The tribunal found that the actual rent passing on the subject property, agreed on a lease renewal three and a half months before the AVD with a nine-month rent-free period analysed as pure incentive, provided the best evidence of value in the absence of an established tone of the list. The tribunal accepted the appellant's analysis of £3,451 per m² ITZA and placed most weight on this rent as it had been fully negotiated and reflected open market rent, allowing the appeal.

Summary generated from the decision text and checked against it. The appellant was All Saints Retail Ltd, represented.

Grounds argued

• Rental evidence · decisive
• Comparable assessments (tone)

Evidence

Rents, Settled assessments, Photographs

Cases cited

Lotus and Delta v Culverwell; Gardiner & Theobald LLP v David Jackson

Hearing

18 April 2023

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