The Gem, 20-22 The Mall, NN16 8JL
Bank and Premises Decided 5 June 2024 CHG100767493 Colliers International
Figures are as stated in the decision; a dash means the document does not state that figure. This decision covers 4 properties; the figures shown are for the first listed.
What was argued and what the tribunal found
The appellants argued that Rushden Lakes Shopping Centre, opened in July 2017 and expanded in June 2019, constituted a material change of circumstances affecting the locality of the town centre retail properties. They sought a 15% reduction but the Valuation Officer had conceded 5%. The tribunal had to determine whether Rushden Lakes fell within the "locality" for the purposes of para 2(7)(d) of Schedule 6 to the Local Government Finance Act 1988. The tribunal rejected the Valuation Officer's narrow interpretation that locality was restricted to reasonable walking distance. The tribunal found that locality depends on the facts of each case, that Rushden Lakes fell within the catchment area of shoppers from Kettering and Corby, and that the opening and expansion of an out-of-town retail park can constitute a material change of circumstances within the locality. Three Kettering appeals were allowed in part, allowing the Valuation Officer's conceded 5% reduction; the Corby appeal was dismissed as it was further away with less impact.
Summary generated from the decision text and checked against it. The appellant was Barclays Bank PLC, represented.
Grounds argued
- Change of circumstances · decisive
- Change of circumstances
- retail park opening and expansion
- Evidence
- Expert report
- Cases cited
- K Shoe Shops Ltd v Hardy; Morton v Synor Electronics Ltd; Shearson Lehman Brothers Ltd v Humphreys; Jafton Properties Ltd v Prisk; Merlin Entertainments Group Ltd v Cox; GPS v Bird; Stena Line Ltd v Valuation Officer; Gardiner & Theobald LLP v David Jackson; Vistra Expansion and Others v Bunyan
- Hearing
- 29 May 2024
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