Suite 2511 Level 25 The Shard 31, St Thomas Street, SE1 9RY
Serviced office suites Decided 1 April 2025 CHG101087999 Avison Young (UK) Ltd
Figures are as stated in the decision; a dash means the document does not state that figure. This decision covers 50 properties; the figures shown are for the first listed.
What was argued and what the tribunal found
The appellant argued for a reduction to a tone of £500/m2 and removal of the tower uplift for south-facing suites, relying on various analysis of comparable rents. The tribunal found the valuation officer's approach to devaluation of rent-free periods in accordance with Bunyan v Acenden Limited (amortising over the full lease term rather than to first review) was more persuasive, and that the base tone of £550/m2 was not unreasonable. The tribunal allowed a 5% end allowance for material change of circumstances (demolition and reconstruction of Fielden House) from 1 April 2017 to 31 January 2022, except for two suites that had already benefited from this adjustment. Two appeals for suites 2511 and 2512 were dismissed as they had already received the allowance.
Summary generated from the decision text and checked against it. The appellant was The Office Group Holdings Ltd, represented.
Grounds argued
- Comparable assessments (tone)
- Rental evidence
- Change of circumstances
- Change of circumstances
- demolition and reconstruction of adjacent building
- Evidence
- Rents, Expert report
- Cases cited
- Lotus and Delta v Culverwell; Bunyan v Acenden Limited; Specialeyes Plc v Felgate
- Hearing
- 5 March 2025
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