[2024] UKUT 26 (LC)

As to the subject property, it can be seen from the table in paragraph 32 above that its time-adjusted value is £747 per sq ft. Using the Savills 2015 enfranchisable graph (80.5%) to take account of the short lease position we arrive at £928 per sq ft.

The experts both took an average of their various devaluations and whilst it is convenient to do so that approach necessarily compounds a significant number of subjective adjustments. We attach slightly more weight to No 178a because it is the closest in locational terms to the property, and to No. 106a because the date of the transaction was contemporaneous with the property itself. The view that we have come to is that the appropriate value on which to base the FHVP is £940 per sq ft. We note that this figure is marginally higher that the average of our devaluations at £934 per sq.ft