3 RD FLR, 55, ST JAMES'S STREET, SW1A 1LA
Office and Premises Decided 3 February 2025 CHG100816482 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, seeking a reduction from £1,100/m² to £1,000/m². The tribunal examined rental evidence for the subject building, placing particular weight on leases for the 3rd and 4th floors agreed close to the antecedent valuation date, which analysed to £1,166.33/m² and £1,146.55/m² respectively. The tribunal found that the subject building was a unique, modern Grade A development with premium specifications, and the rents it commanded reflected this distinctive character. Although settlement evidence was presented for other St James Street properties at lower rates, the tribunal considered these comparables had material differences—older construction or later refurbishment—and concluded the subject building's rental evidence strongly supported the assessment at £1,100/m². The appeal was dismissed as the tribunal was satisfied the rateable values were reasonable.
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
- Comparable assessments (tone)
- Rental evidence · decisive
- Evidence
- Rents, Settled assessments
- Cases cited
- Lotus & Delta v Culverwell; Gardiner & Theobald LLP v David Jackson
- Hearing
- 10 January 2025
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