Furniture Store 2 24 The Shard 31, St Thomas Street, SE1 9RY
Serviced offices and premises Decided 1 April 2025 CHG101088437 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, a serviced office provider, challenged RVs for 50 office suites on levels 24 and 25 of The Shard, arguing for a reduction from £550/m² to £500/m² and removal of a tower uplift for south-facing suites. The tribunal found the VO's analysis of the subject rent using Acenden principles (amortising over the full lease term) was more persuasive than the appellant's multiple varying devaluations. The tribunal was not persuaded that south-facing suites lacked value. However, the tribunal allowed appeals in part, granting a 5% end allowance for the period 1 April 2017 to 31 January 2022 due to material change of circumstances (demolition of adjacent Fielden House), except for suites 2511 and 2512 which had already benefited from such an allowance.
Summary generated from the decision text and checked against it. The appellant was The Office Group Holdings Ltd, represented.
Grounds argued
- Rental evidence · decisive
- Comparable assessments (tone)
- Change of circumstances
- Change of circumstances
- demolition and reconstruction
- Evidence
- Rents, Settled assessments
- Cases cited
- Lotus and Delta v Culverwell; Bunyan (VO) v Acenden Limited; Specialeyes Plc v Felgate
- Hearing
- 5 March 2025
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