MULTISTOREY CAR PARK, THE SQUARE, HIGH STREET, ST5 1PT
Multistorey Car Park and premises Decided 11 March 2024 CHG100840000 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 VO's valuation of a 299-space multi-storey car park using a receipts and expenditure method. The VO had applied a 65% split of divisible balance while the appellant proposed 50%. The tribunal found the appellant's adopted figures for both gross receipts (£425,000) and expenses (£233,150) more reasonable, as they were closer to the actual accounts and better reflected the experienced operator's realistic costs. Following the BNPPDS precedent, the tribunal applied a 50/50 split of the £181,850 divisible balance, determining an RV of £89,750.
Summary generated from the decision text and checked against it. The appellant was KRNS Properties Limited, represented.
Grounds argued
- Valuation method
- Trading receipts (pubs, hotels) · decisive
- Evidence
- Trading accounts, Settled assessments
- Cases cited
- BNPPDS Limited & BNPPDS Limited (Jersey) as Trustees for Blackrock UK Property Fund [2022] UKUT 129 (LC); Gardiner & Theobald LLP v David Jackson (VO) [2018] UKUT 0253 (LC)
- Hearing
- 14 February 2024
Similar decisions
- Multi Storey Car Park, The Square, High Street, High Street, ST5 1PT — Allowed in part, 2 Nov 2020
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