Ryde International plc v London Regional Transport
Ryde International plc v London Regional Transport
- 2003
- Rating and Valuation Reporter [2003] RVR 49-60(12) .
LT 4 December 2002. The claimant company (R) sought compensation for the freehold interest in a block of flats and five bungalows. The property had been constructed by R as sheltered accommodation in 1988. In 1989 the units were offered in the open market but no sales were finalised and lettings were made on short term tenancies. In 1991 the acquiring authority's scheme made evident that the property would be compulsorily purchased. It was agreed that without the scheme, the development would have been sold by 25 March 1993 and any holding costs would be calculated from that date. Possession was taken on 8 August 1997 which was the valuation date for compensation purposes. "Held, the acquiring authority must make an interim payment of compensation to R under the Land Compensation Act 1961 s5-rule-2 in the sum of £2 060 000 and the loss of profits element as an item of disturbance under rule-6 to be deferred for further submissions. (For preliminary LT decision see Abs63843). View judgment at www.courtservice.gov.uk.
RYDE INTERNATIONAL PLC V LONDON REGIONAL TRANSPORT
SHELTERED HOUSING
REPAIR COSTS
REFURBISHMENT COSTS
HOLDING COSTS
MANAGEMENT COSTS
OPEN MARKET VALUE
BLIGHT
LAND COMPENSATION ACT 1961 S5-RULE-2
LAND COMPENSATION ACT 1961 S5-RULE-6
LT 4 December 2002. The claimant company (R) sought compensation for the freehold interest in a block of flats and five bungalows. The property had been constructed by R as sheltered accommodation in 1988. In 1989 the units were offered in the open market but no sales were finalised and lettings were made on short term tenancies. In 1991 the acquiring authority's scheme made evident that the property would be compulsorily purchased. It was agreed that without the scheme, the development would have been sold by 25 March 1993 and any holding costs would be calculated from that date. Possession was taken on 8 August 1997 which was the valuation date for compensation purposes. "Held, the acquiring authority must make an interim payment of compensation to R under the Land Compensation Act 1961 s5-rule-2 in the sum of £2 060 000 and the loss of profits element as an item of disturbance under rule-6 to be deferred for further submissions. (For preliminary LT decision see Abs63843). View judgment at www.courtservice.gov.uk.
RYDE INTERNATIONAL PLC V LONDON REGIONAL TRANSPORT
SHELTERED HOUSING
REPAIR COSTS
REFURBISHMENT COSTS
HOLDING COSTS
MANAGEMENT COSTS
OPEN MARKET VALUE
BLIGHT
LAND COMPENSATION ACT 1961 S5-RULE-2
LAND COMPENSATION ACT 1961 S5-RULE-6