CAADs and bounders!

This may be niche but, with the increased use of CPO for regeneration schemes, the Supreme Court ruling in the Secretary of State for Transport v Curzon Park Ltd, and others will affect numerous asset holders and funders; the case looks again at the complexity of development value of land subject to a CPO and the interplay between the real and imagined ‘no scheme world’ for assessing compensation. The judgement shows the level of nuance that must be logically applied to correctly interpret the statute as it stands. If the Levelling Up Bill makes it through its final stages as proposed (potentially introducing a second-tier system of valuation that seeks to preclude hope value from market value for certain types of schemes) the nuances of Curzon Park will still be relevant given the proposed retention of Certificates of Appropriate Alternative Development (CAAD) mechanisms.

August 2023