A valuation gap exists between Wandsworth Council and three business owners it is trying to move on.

The borough is looking to redevelop a parade of shops in Beaumont Road, in Southfields, and had hoped its £1.2m compulsory purchase offer would be accepted.

However, Kishor Dattani, owner of Dattani Off Licence, has said independent valuers have costed up each of the shops and put the price closer to £1.5m.

With a 100-year-lease on the site, he is reluctant to leave.

Mr Dattani said: “There are three main long leaseholders with over 100 years lease each trading on this parade.

“The estimated value of each shop is over £500,000 as informed by an independent valuer.

“Wandsworth Council has allocated a mere £1.2m for all six shops on the parade, and it’s not nearly enough.”

He said he has contacted MP Justine Greening over the issue and been told the Conservative MP for Putney has written to the council on his behalf.

The current date of the compulsory purchase order is midnight on Sunday, August 16, however, the three business owners are hoping they can get an extension in order to resolve the matter.

A spokesman for Wandsworth Council said: “The council has been trying to reach an agreement with these leaseholders for the past two years, but unfortunately this has not yet been possible.

“We are paying for Mr Dattani and the neighbouring traders to receive independent professional advice so that the negotiations can progress and both sides can agree a fair and reasonable deal.

“We have also offered them ‘first refusal’ on a number of alternative sites, but they have not expressed any interest in these.”