Tribunals · City of London Corporation · 2017 rating list

Boots, 1 Queen's Head Passage, EC4M 7DZ

Shop and premises Decided 3 October 2023 CHG100858342 GL Hearn Limited - Star 2017

OutcomeDismissedThe appeal failed and the rateable value was left unchanged.

Original RV£188,000£1325/m²

Ratepayer sought£147,000

VO conceded first—

Tribunal decided£188,000£1325/m²

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

Boots Limited challenged the rateable value of £188,000 (£1,325/m²), proposing £147,000 (£1,035/m²), based on their renewal lease at £165,000 per annum. The tribunal found that whilst the subject rent should be the starting point, the weight attributable to the renewal lease was diminished because there had been no rent increase over a prolonged period (2004-2015), the landlord's valuation at lease renewal considered only one comparable, and Boots held a strong negotiating position as an anchor tenant. The tribunal found that comparable rental evidence from other Queens Head Passage properties and Foster Lane showed higher analysed rents, with the appeal property appearing as an outlier. The tribunal also found the increased rateable value reasonable given the appeal property's superior location with return frontage on Newgate Street and visibility on two streets. The appeal was dismissed and the original rateable value of £188,000 was confirmed.

Summary generated from the decision text and checked against it. The appellant was Boots Limited, represented.