[2025] UKUT 224 (LC)

Mr Brown did not discuss Category B values. Mr Bailey could produce no new letting of a property fitted out by the landlord in Category B condition for the first tenant on a lease. This was consistent with his view that such lettings are rare. Mr Bailey suggested that his Category A comparables could be converted to equivalent Category B rents by adding an amortised cost that a tenant might typically incur in fitting the offices out to Category B standard. He used the cost of fitting out seen in the Acenden decision, at £350 per m² and adjusted it for location and for a three-month rent-free period for fitting out, and derived values from £236 per m² to £312 per m², from which he concluded that his calculation of £271 for the Shoosmiths Property was reasonable.