3rd F Paternoster House, 65, St Pauls Churchyard, EC4M 8AB

What was argued and what the tribunal found

The appellant company argued that oversupply in the City of London office market following significant new developments constituted a material change of circumstances that should reduce the rateable value by at least 5%. The tribunal found that while a substantial increase in office supply (8.61% between 2017 and 2022) was undisputed, no substantive evidence was submitted to show this had affected the property's hypothetical rental value. In particular, vacancy rates had risen only 2.8% despite the large increase in supply, and the appellant provided no rental evidence to support its claim, relying instead on valuer intuition and list-on-list comparisons between different rating years affected by Brexit and the pandemic. The appeal was dismissed.

Summary generated from the decision text and checked against it. The appellant was Lubbock Fine (UK) Limited, represented.

Grounds argued

• Change of circumstances · decisive

Change of circumstances

oversupply

Evidence

Earlier tribunal decisions

Cases cited

Canary Wharf Ltd v Dunlevey (VO) [2014] VTE 590016555047/058 (NV05); Barclays Bank & Poundland v Jo Moore (VO) [2024] VTE CHG100884839 (NV17)

Hearing

2 July 2025

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