P&O Property Holdings Ltd v Norwich Union Life Insurance Society
Language: English Series: Property and Compensation Reports ; (1994) 68 P&CR 261-268(8)Publication details: 1994Subject(s): Summary: HL 17 February 1994. A site was developed as a shopping centre by P and financed by N. Under the agreement N was to meet development costs up to an agreed amount and P to meet costs in excess of this. Reverse premiums were were made part of the costs subject to N`s agreement. Also P had to use reasonable endeavour to obtain a letting for each part of the scheme. On completion many units remained unlet. N argued that P was bound to agree to payment of a reverse premium to a tenant if a hypothetical landlord would regard such premiums as good estate management in current conditions. The decision in favour of N was reversed by CA. On appeal, appeal dismissed.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Law report | London Journal article | ABS52001 (Browse shelf(Opens below)) | 1 | Available | 54306-1001 |
HL 17 February 1994. A site was developed as a shopping centre by P and financed by N. Under the agreement N was to meet development costs up to an agreed amount and P to meet costs in excess of this. Reverse premiums were were made part of the costs subject to N`s agreement. Also P had to use reasonable endeavour to obtain a letting for each part of the scheme. On completion many units remained unlet. N argued that P was bound to agree to payment of a reverse premium to a tenant if a hypothetical landlord would regard such premiums as good estate management in current conditions. The decision in favour of N was reversed by CA. On appeal, appeal dismissed.