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The latest hearing in the long running case of Jewelcraft v Pressland, relating to the enfranchisement of a shop and flat above at 373 Upper Richmond Road, London SW15. The case went to the Court of Appeal which decided that the building was a house. This year the First Tier Tribunal had to determine the price payable under s9(1) of the Leasehold Reform Act 1967. The landlord’s valuer argued for a premium of £324,143, and the tenant’s valuer argued for £98,407. There were issues as to the entirety value, site proportion, capitalisation rate and deferment rate. The Tribunal found almost entirely in favour of the tenant, determining a price of £110,015. Tom Jefferies acted for the tenant, instructed by Mills & Reeve LLP. Tony Radevsky represented the landlord. The decision is available here.
