Rank Leisure and others v Castle Vale Housing Action Trust
Rank Leisure and others v Castle Vale Housing Action Trust
- 2001
- Rating and Valuation Reporter [2001] RVR 313-332(20) .
"Rank Leisure and others v Castle Vale Housing Action Trust", LT 5 October 2001, which examines the ransom value of seven shop units acquired for compulsory purchase. The claimant, Rank Leisure (R), sought compensation over the 7 shop units at the Castle Vale Shopping Centre. R claimed that in a no scheme world a developer purchaser would have acquired all the interests in the shopping centre except R's interests and therefore the units had a ransom value of £8 893 725. The trust (C) claimed that in this case there was no developer-purchaser engaged in site assembly for redevelopment and compensation must not be more than the existing use value of R's occupational interests plus consequential loss caused by disturbance. Compensation on this basis was offered at between £3 300 and £35 000. Held that compensation should be awarded on the basis of existing use value, ranging from £7 600 to £ 37 800. Full copy of decision available http://www.courtservice.gov.uk/tribunals/lands/decisions/dec-acq-168-99.htm.
RANK LEISURE V CASTLE VALE HOUSING ACTION TRUST
COMPENSATION
SHOP UNITS
SHOPPING CENTRES
REDEVELOPMENT
NO SCHEME WORLD
RANSOM VALUE
EXISTING USE VALUE
"Rank Leisure and others v Castle Vale Housing Action Trust", LT 5 October 2001, which examines the ransom value of seven shop units acquired for compulsory purchase. The claimant, Rank Leisure (R), sought compensation over the 7 shop units at the Castle Vale Shopping Centre. R claimed that in a no scheme world a developer purchaser would have acquired all the interests in the shopping centre except R's interests and therefore the units had a ransom value of £8 893 725. The trust (C) claimed that in this case there was no developer-purchaser engaged in site assembly for redevelopment and compensation must not be more than the existing use value of R's occupational interests plus consequential loss caused by disturbance. Compensation on this basis was offered at between £3 300 and £35 000. Held that compensation should be awarded on the basis of existing use value, ranging from £7 600 to £ 37 800. Full copy of decision available http://www.courtservice.gov.uk/tribunals/lands/decisions/dec-acq-168-99.htm.
RANK LEISURE V CASTLE VALE HOUSING ACTION TRUST
COMPENSATION
SHOP UNITS
SHOPPING CENTRES
REDEVELOPMENT
NO SCHEME WORLD
RANSOM VALUE
EXISTING USE VALUE