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The Mando Property
The Mando Property
This property is the fourth floor of another eight-storey office building constructed in 2008. It is in Liverpool city centre about 500 metres east of the River Mersey and 1.0 km (0.6 miles) northwest of Lime Street station. The total area occupied is agreed at 493.5m2.
Mando Group entered into an agreement for lease dated 9 May 2016 and the lease, for a ten-year term, commenced on 1 August 2016. The lease was on full repairing and insuring terms, and contained a break clause operable by the tenant at the fifth year without penalty. The commencing rent was £81,933 per annum with a 30-month rent free period. At the time of the letting the property was already fitted to Category A specification. Mando Group undertook the fitting out to Category B standard at their own expense.
- Heading
- Introduction
- The legal and practical background
- The properties and the VTE decision
- The Mando Property
- The VTE decision
- The VO’s case in these appeals
- The Shoosmiths Property
- The Mando Property
- The Tribunal’s approach to valuation in these appeals
- The Shoosmiths Property in Manchester
- The rateable value of the Shoosmiths Property calculated by reference to the landlord’s payment for the cost of the Category B fitting out work
- Mr Brown’s calculation of the Category A value
- The comparable evidence for Category A lettings of Grade A office space in Manchester
- The comparable evidence for Category B lettings of Grade A office space in Manchester
- Our conclusions about the Shoosmiths Property
- The Mando Property in Liverpool
- The Category A rental market in Liverpool and the effective Category A rent for the Mando Property
- The amortised cost of the Category B fitting out at the Mando Property
- The Category B comparables
- The witnesses’ conclusions
- The Tribunal’s conclusion about the Mando Property
- Conclusions