5 TH FLOOR, 55 ST JAMES'S STREET, SW1A 1LA
Office and Premises Decided 3 February 2025 CHG100843905 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 values of seven office units at 55 St James Street on the grounds that the unadjusted rate of £1,100/m² was unreasonable and should be reduced to £1,000/m². The tribunal found that rental evidence from the subject building itself, particularly leases agreed close to the antecedent valuation date and analysing to £1,146.55/m² and £1,166.33/m², strongly supported the adopted rate. Although the appellants presented settlement evidence from comparable properties on St James Street at lower rates (£925-£1,000/m²), the tribunal determined that the subject building's unique modern specification and quality finish, being newly constructed without period constraints, justified the higher rental value and made it not directly comparable to older or refurbished buildings. The appeal was dismissed.
Summary generated from the decision text and checked against it. The appellant was AlbaCore Capital LLP, represented.
Grounds argued
- Comparable assessments (tone) · decisive
- Rental evidence
- Evidence
- Rents, Settled assessments
- Cases cited
- Lotus & Delta v Culverwell; Gardiner & Theobald LLP v David Jackson
- Hearing
- 10 January 2025
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