Tribunals · City of London Corporation · 2017 rating list

Pt 13th Floor South West, Aviva Building, St Helen's 1, St Helen's 1, EC3A 8EE

Office and premises Decided 12 November 2020 CHG100036326 Savills - London

OutcomeAllowed in partThe tribunal reduced the rateable value, but by less than the ratepayer sought.

Original RV£462,500£500/m²

Ratepayer sought£425

VO conceded first—

Tribunal decided£437,500£435/m²

Figures are as stated in the decision; a dash means the document does not state that figure. This decision covers 3 properties; the figures shown are for the first listed.

What was argued and what the tribunal found

The appellant challenged the rateable values of three office assessments in a prime London financial district building, arguing for £425/m2 based on analysis of comparable rents. The Valuation Officer had reduced the tone from £500/m2 to £460/m2 at challenge stage. The tribunal found that the best evidence came from new lettings rather than renewals, particularly the 4th floor lease, and that the VO's analysis of that lease at £431/m2 provided sound evidence. The tribunal determined that £435/m2 properly reflected the building's prime location and quality, rejecting both the original £500/m2 and the appellant's proposed £425/m2 as respectively too high and too low.

Summary generated from the decision text and checked against it. The appellant was Munich Re UK Services Limited, represented.