[2025] UKUT 224 (LC)

Mr Bailey concluded from the available Category B comparables for Liverpool that the evidence showed a £30 per m² uplift for Category B fitted space over the level of approximately £80 per m² for Category A lettings. In coming to that conclusion he relied principally upon the letting of 3^rd & 4^th floors, 4 St Paul’s Square although he did acknowledge that the tenant in that case would still have the issue of arranging the fitting out works. Mr Willetts’ conclusion was, first, that the VTE figure of £90 per m² for the Category B value was incorrect, and second that the VO’s figure of £110 was “not unreasonable”.