PT 2ND FLR WEST, 55, ST JAMES STREET, SW1A 1LA
Office and premises Decided 3 February 2025 CHG100816453 Altus Group - Oakland - Manchester
Figures are as stated in the decision; a dash means the document does not state that figure. This decision covers 7 properties; the figures shown are for the first listed.
What was argued and what the tribunal found
The appellants challenged the rateable value of seven office floors at 55 St James Street, London, proposing a reduction in the unadjusted rate from £1,100/m² to £1,000/m². The tribunal found that rental evidence from the subject property itself, particularly rents agreed on 3rd and 4th floors close to the antecedent valuation date, supported the adopted rate of £1,100/m². Although the appellants provided settlement evidence from other properties on St James Street at lower rates (£925–£1,000/m²), the tribunal concluded that the subject building was a unique modern Grade A office development with distinct characteristics that justified the higher rate, and therefore dismissed the appeal.
Summary generated from the decision text and checked against it. The appellant was AlbaCore Capital LLP; Aermont Capital LLP; Ferrexpo Finance PLC & Vision Capital Group Limited, represented.
Grounds argued
- Rental evidence · decisive
- Comparable assessments (tone)
- Evidence
- Rents, Settled assessments
- Cases cited
- Lotus & Delta v Culverwell
- Hearing
- 10 January 2025
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