22 May 2007
THE HONG KONG SCHOOL OF MOTORING LTD v. COMMISSIONER OF RATING AND VALUATION
- Citation
- THE HONG KONG SCHOOL OF MOTORING LTD v. COMMISSIONER OF RATING AND VALUATION
- Court
- Lands Tribunal
- Case number
- LDRA418/2004
Valuation must be carried out on the statutory hypothetical tenancy and the actual subsisting use (driving school) at the relevant date; therefore the actual renewed rent under STT 1061 ($5,430,000 p.a.) is the best evidence for the land element; there is no legal or factual basis to allow the appellant's large special-factor discounts (including 30% for flying-object risk or deductions for restrictive covenants); minor technical valuation items (finance charges, indexing, depreciation, decapitalization rate) were resolved in favour of the respondent's expert; appeal dismissed.