Tourist kiosk valued at £2m

It may look like a garden shed, but its price tag tells a different story. For this refreshment kiosk, situated near the Tower of London, has been valued at about £2 million.

Its value came to light at a High Court hearing in which two women appealed against a decision to refuse to grant them a renewed 25-year licence to operate two refreshment kiosks or allow them to receive compensation.

Marion Sherwood and Ann Miller argued that the High Court was wrong in ruling that neither Tower Hamlets nor the Tower of London had the power to grant a renewed licence as the kiosks stand on a public highway.

It emerged during the hearing that Mrs Sherwood had reportedly received offers of £2 million for the right to operate her kiosk, which boasts permanent fixtures to the ground, and connections to the mains electricity, water and sewage supplies. The kiosk is situated near the entrance to the Tower, which has more than five million-visitors every year. Peter Knox, counsel for the traders, argued the women paid the relevant council business rates.

The High Court had also hesitated in categorising the two women as street traders. However, he argued that they could not be defined as street traders as the food and drinks were stored and sold inside the two properties. The hearing continues.