Bar Level 24 The Shard 31, St Thomas Street, SE1 9RY

What was argued and what the tribunal found

The appellant sought a 5% reduction based on a tone of £500/m2, arguing the £550/m2 base price was too high and that the tower uplift should not apply to south-facing suites without river views. The tribunal found the valuation officer's analysis of the subject rent was correct, following the binding judgment in Bunyan v Acenden which requires rent-free periods to be amortised over the full lease term absent a break clause. The tribunal was persuaded that £550/m2 was reasonable and was not convinced that the south-facing suites were disadvantaged or that the tower uplift should be removed. However, the tribunal allowed appeals in part by granting a 5% end allowance for material change of circumstances (demolition/reconstruction) for 1 April 2017 to 31 January 2022, except for two suites (2511 and 2512) which had already received this allowance.

Summary generated from the decision text and checked against it. The appellant was The Office Group Holdings Ltd, represented.

Grounds argued

• Rental evidence
• Comparable assessments (tone)
• Change of circumstances · decisive

Change of circumstances

demolition and reconstruction

Evidence

Rents, Measurement survey, Photographs

Cases cited

Lotus & Delta v Culverwell; Bunyan (VO) v Acenden Limited; Specialeyes Plc v Felgate

Hearing

5 March 2025

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