The Prince of Wales has brought proceedings against the tenant of a 16-storey office block in central London.
Prince Charles, suing through the Attorney-General, is asking the High Court to determine a dispute over the 125-year lease of Tintagel House, on the Albert Embankment. The building, which was constructed in 1960, forms part of property owned by the Duchy of Cornwall.
Tenant Galaplace Ltd subleased the building to the Metropolitan Police Authority under two consecutive 41-year leases, commencing in 1960.
The Prince of Wales is seeking a declaration as to whether the term of the underlease notionally granted on the review date is equal to the residue of the actual term of the lease on such a date, as claimed by Galaplace, or is equal to whatever term of years might reasonably be expected to be agreed in the market conditions prevailing on the review date, as argued by the Prince.
The claimant is also hoping to determine whether the provisions for, and pattern of, rent reviews under the notionally granted underlease are the same as the provisions of the actual lease, or, as he claims, are whatever provisions and pattern might reasonably be expected to be agreed in the prevailing market conditions.
Additionally, the court will be asked to decide whether, as at the review date, the building is assumed to have been underlet on a single underlease of the whole or whether the building could notionally be underlet either as a whole or in part, depending on what a willing lessor might reasonably obtain in the prevailing market conditions.
References: PLS News 16/5/03
