LT 28 April 1998. A chemical works and premises in Newport, Gwent was assessed by a valuation tribunal at £655,000 RV from 1 April 1990 and £640,000 RV from 30 September 1991. M sought reductions and F sought increases. The parties agreed the valuation should be on the contractors basis and applied the five stage method. They differed in opinion on whether the project would attract a grant, whether there should be adjustments for location or contract size and the approach to adjusting new costs for obsolescence. "Held" the assessment should be reduced to £589,000 from 30 June 1990 and £584,000 from 30 September 1991. The tenant`s alternative and interest foregone as a ceiling on rateable value should not be abandoned, the hypothetical tenant was to be treated as an owner/occupier for stages 1 to 3 inclusive, and a ceiling or maximum rental emerged at stage 4 which could be considered in stage 5 when circumstances peculiar to the hypothetical tenant of rating were to be dealt with.