Pro Investments Limited v London Borough of Hounslow

Pro Investments Limited v London Borough of Hounslow

The Tribunal determined the market value of the reference land at £10,250,000 based on a residual valuation using a sales rate of £690 per sq ft, reflecting the nature of the site and its surroundings in the no-scheme world. CAAD appeal and pre-reference costs were recoverable as compensation, subject to proof and reasonable apportionment. Early redemption charges and legal fees paid to discharge securities were compensable, except for sums reducing total indebtedness, which did not represent a loss to the claimant.

Parties
Claimant: Pro Investments Limited; Acquiring Authority: London Borough of Hounslow
Jurisdiction
England and Wales
Judgment Date
06 September 2021
Procedural Posture
Compensation Reference / Final Judgment
Outcome
claim partly allowed
Legal Topics
Compensation Assessment, Residual Valuation, Comparable Sales, Planning Permission, Disturbance Costs
Compulsory Purchase Land Valuation Compensation Assessment Residual Valuation Comparable Sales Planning Permission Disturbance Costs

Case Brief

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Parties

Pro Investments Limited

Claimant

London Borough of Hounslow

Acquiring Authority

Procedural Posture

Compensation Reference / Final Judgment

Legal Issues

  1. 1 What is the open market value of the reference land on the statutory assumptions?
  2. 2 Are costs incurred in the CAAD appeal and pre-reference costs recoverable as compensation?
  3. 3 Are early redemption charges and legal fees on discharged securities compensable?

Ratio Decidendi

The Tribunal determined the market value of the reference land at £10,250,000 based on a residual valuation using a sales rate of £690 per sq ft, reflecting the nature of the site and its surroundings in the no-scheme world. CAAD appeal and pre-reference costs were recoverable as compensation, subject to proof and reasonable apportionment. Early redemption charges and legal fees paid to discharge securities were compensable, except for sums reducing total indebtedness, which did not represent a loss to the claimant.

Court Disposition

claim partly allowed

Orders

  • Market value of reference land awarded at £10,250,000
  • Basic loss awarded at £75,000