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

What was argued and what the tribunal found

The appellant challenged the rateable values of 50 serviced office units at The Shard on the basis that a tone of £550/m² was excessive, seeking £500/m² or lower, and that a 5% end allowance should apply for the period 1 April 2017 to 31 January 2022 due to demolition and reconstruction of the adjacent Fielden House. The tribunal found the base price of £550/m² was not unreasonable based on analysis of the subject rent and comparable evidence, particularly Rear Part Level 2 which analysed to £604/m² on the antecedent valuation date. The tribunal rejected the appellant's argument that the 'Tower uplift' should be removed from the 17 southern-facing suites as no credible evidence demonstrated these units were disadvantaged. However, the valuation officer had conceded that a 5% allowance for material change of circumstances was reasonable for the period of works (except for Suites 2511 and 2512 which had already benefited), and the tribunal allowed 48 appeals in part by reducing the list entries by 5% for that period only.

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

Grounds argued

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

Change of circumstances

demolition and reconstruction of adjacent building

Evidence

Rents, Expert report

Cases cited

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

Hearing

5 March 2025

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