Merivale Moore, a property developer, were advised by Strutt & Parker, a firm of surveyors, valuers and estate agents, in connection with the purchase and development of a leasehold property.
Residual valuations were provided by Strutt & Parker in respect of a short lease focussing on dual yields. The purchase proved to be a disaster for Merivale Moore and they brought a claim for negligence against Strutt & Parker. Strutt & Parker sought to argue that the residual valuations did not amount to full valuations and they were not liable for the contents of the residual valuations.
Russell-Cooke acted for Merivale Moore.
The Judge found that the unqualified advice given by Strutt & Parker had been been negligent. The court awarded over £2m in damages to Merivale Moore.
