[2025] UKUT 163 (LC)

The appellant’s case is that there is sufficient rental evidence from local transactions agreed close to the AVD, including that of the Property, to indicate the level of value that landlords and tenants were prepared to agree on the Property and other comparable properties. Analysis of these transactions supports an assessment of rateable value £750,000 based on a main space rate of £52.21 per m². In coming to this figure, the appellant takes account the age of the Property, the presence of a substantial mezzanine floor at the date of lease commencement, shared access to the loading area, and insufficient yard and loading facilities.

The respondent submits that it is incorrect to be over reliant on the rent agreed for the Property and that greater weight should be attached to the basket of comparable evidence. The 2014 rent on the Property is said to appear out of line with the rents achieved on the comparable properties in the locality and to require significant adjustment to bring it into line with the statutory definition of rateable value. The respondent concludes that the assessment should be based on a main space rate of £67.50 m², with an addition of £12,091 for plant and machinery, and incorporate an end allowance for access/circulation of 8.5%. The resultant figure is rateable value £880,000.