[2025] UKUT 163 (LC)

Prior to occupation by Robert Dyas the Property was let to Wickes who, it is understood, vacated in December 2013. The landlord marketed the Property with availability from July 2014 and Robert Dyas entered into a full repairing and insuring lease from 10 July 2014. We have been provided with details of the ‘heads of terms’ for the letting which are said to differ from the terms of the lease only in respect of the expiry date, the rent payable and the rent commencement date. We can therefore discern the following:

The landlord completed a programme of works to put the Property into repair prior to the commencement of the lease to the appellant. After taking up occupation the appellant undertook works to create offices on the ground and mezzanine levels of the warehouse, and installed the racking.

VO records of assessment apportionments obtained under s.44A of the Local Government Finance Act 1988 show that the Property was occupied in phases by the appellant. Between 5 September and 17 October 2014 only 2% of the property was occupied. The part occupied increased to 10% of the total area between 18 October 2014 and 27 February 2015. Thereafter, until 31 July 2015 about 97% of the property was occupied.

The rent increased to £1,250,000 per annum at review in July 2019. The review clause pegged the value of the mezzanine platform to 25% of the value of the warehouse space beneath it.