Level 20 City Tower, 40 Basinghall Street, EC2V 5DE
Offices and premises Decided 9 October 2025 CHG100118846 Knight Frank
Figures are as stated in the decision, and are values in the 2017 list; a dash means the document does not state that figure. This judgement decided 6 properties together; the figures above are for this appeal's property (LEVEL 20, City Tower, Basinghall Street, London, EC2V 5DE). Every property is listed below.
The 6 properties in this decision
One judgement covered all of these appeals. Each property’s figures as the judgement states them (2017 list); this appeal’s property is highlighted.
| Property | Original RV | Sought | Tribunal decided | Outcome |
|---|---|---|---|---|
| LEVEL 20, City Tower, Basinghall Street, London, EC2V 5DEThis appeal | — | — | £244,000 | Allowed in part |
| PT LEVEL 6 (WEST), City Tower, Basinghall Street, London, EC2V 5DE | — | — | £149,000 | Allowed in part |
| GND & 1ST FLRS & SKYLIGHT, City Tower, Basinghall Street, London, EC2V 5DE | — | — | £840,000 | Allowed in part |
| GND & PT 1ST FLR & SKYLIGHT, City Tower, Basinghall Street, London, EC2V 5DE | — | — | £805,000 | Allowed in part |
| LEVEL 19, City Tower, Basinghall Street, London, EC2V 5DE | — | — | £248,000 | Allowed in part |
| LEVELS 6 & 7, City Tower, Basinghall Street, London, EC2V 5DE | — | — | £497,500 | Allowed in part |
What was argued and what the tribunal found
The appellants argued that the rateable values in the 2017 rating list at £475 psm were unreasonable and sought reduction to £435 psm based on rental evidence from the subject building and comparable settled assessments. The Tribunal found that the subject property, contrary to the VO's position, was not part of the 'tower' market and could reasonably be compared to other office buildings in the locality. The Tribunal preferred the VO's rental analysis accounting for break clause penalties but found that the rents required significant adjustment to meet the RV definition. Considering the five subject building rents (£406-£524 psm), the settled comparable assessments (£375-£465 psm), and recent settlements since the appeals were made, the Tribunal determined that £475 psm was unsustainable and unreasonable, being out of line with comparable evidence. The Tribunal fixed RVs at £450 psm as reasonable.
Summary generated from the decision text and checked against it. The appellant was St James's Place; Mewburn Ellis LLP; Salmon Limited; Porta Communications PLC, represented.
Grounds argued
- Comparable assessments (tone)
- Valuation method
- Evidence
- Rents, Settled assessments, Measurement survey, Photographs
- Cases cited
- Gardiner & Theobald LLP v David Jackson (VO)
- Hearing
- 10 September 2025
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