Tribunals · City of London Corporation · 2017 rating list

2nd Floor East, Woolgate Exchange, EC2V 5HA

Offices and premises Decided 18 March 2025 CHG100151925 Bjorn Bowles

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

Original RV£3,100,000£485/m²

Ratepayer sought—

VO conceded first—

Tribunal decided£2,870,000£425/m²

Figures are as stated in the decision; a dash means the document does not state that figure. This decision covers 7 properties; the figures shown are for the first listed.

What was argued and what the tribunal found

The appellants challenged the rateable values of seven properties in a single office building, contending that an unadjusted base rate of £400 psm was appropriate rather than the listed rate of £485 psm. The Valuation Officer had reduced the rate to £460 psm at the challenge stage. The tribunal accepted rental evidence from within Woolgate Exchange that demonstrated Category B condition lettings ranging from approximately £387–£442 psm, and found comparable assessment evidence (particularly Finsbury Circus House at £425 psm) supported a reduction. The tribunal determined that whilst some minor fit-out works had been undertaken, these did not warrant the £25 psm uplift for Category A to Category B conversion. On the balance of evidence, the tribunal reduced the unadjusted base rate to £425 psm for all subject properties.

Summary generated from the decision text and checked against it. The appellant was University of Chicago Booth School of Business, represented.