Chartered surveyor heads for High Court to claim fees and interest from mixed-use firm Oracle

Surveyor Savills is heading for a High Court showdown with troubled developer Oracle Group over the valuation of sites.

Savills has accused Oracle of failing to pay 拢237,510 for the valuations of properties and assets linked to a clutch of developments called 鈥減roject 5000鈥�.

The surveyor claims Oracle had the assets valued so it could get investment for the schemes. Savills says it billed the developer in November 2008, but had not been paid, despite two further letters and a formal demand for payment from its lawyers.

Patrick Hill, head of London valuation at Savills, and Callaghans, the firm鈥檚 solicitor, refused to comment further on the case, or to detail what project 5000 was.

The schemes follows a turbulent few months for the Oracle. In January the Surrey-based developer was reported to have made some staff redundant, sold its London headquarters and merge the staff based there with its original Epsom site.

In February Darryl Flay, Oracle鈥檚 chief executive, and three senior directors left to set up a residential company called Essential Land.

Savills is suing Oracle for the unpaid valuation fees as well as interest of 拢10,151 so far, running at 拢85 a day. It will also claim 拢100 compensation for late payment.

Oracle is a mixed-use developer of commercial, affordable housing, retail and residential schemes in London and the South-east.

Its current schemes include Canary Quarter, a joint venture with Galliard Homes for 950 homes, a hotel, shops and offices in Canary Wharf, and a 拢1bn joint venture with Irish developer Ballymore for a 43-storey Foster-designed residential tower in London鈥檚 Docklands.