Decision 9 January 2020 amended 5 March 2020
Tom acted for the owner of a lease of this listed building on the Howard de Walden Estate on its claim for the freehold under the Leasehold Reform Act 1967.
The property was laid out as flats and offices and had potential for conversion to prime flats, but difficult issues arose in relation to the elements of the residual valuation to arrive as site value including building costs, profit, allowance for planning risk and the risk that vacant possession of the offices could not be achieved. There was also a dispute as to the value of the freehold in the hands of the claimant for marriage value purposes. The landlord’s valuer, Kevin Ryan, said the price should be £7,817.635; the tenant’s expert, Gavin Buchanan, said it should be £5,687,089. The Tribunal determined a price of £6.1m.
Opposing counsel was Anthony Radevsky