Tribunals · City of London Corporation · 2017 rating list

Part Bst Level 1 Woolgate Exchange, 25 Basinghall Street, EC2V 5HA

Offices and premises Decided 18 March 2025 CHG100309784 Knight Frank - Nick Bell

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

Original RV£228,000£485/m²

Ratepayer sought—

VO conceded first—

Tribunal decided£228,000£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 at Woolgate Exchange, 25 Basinghall Street, London on the grounds that the unadjusted base rate of £485 psm was excessive. The key dispute concerned whether rental evidence represented Category A or Category B fit-out conditions, which affected whether a £25 psm uplift should be applied under the Acenden precedent. The tribunal found that rental evidence items 1-3 were let in Category B condition and, on balance of the settlement agreements, rents within the subject building, and comparable assessment evidence (particularly Finsbury Circus House at £425 psm), determined that the unadjusted base rate should be reduced from £485 psm to £425 psm. The tribunal allowed the appeals in part, rejecting both the appellant's argument for a £400 psm base rate and the VO's argument for £460 psm.

Summary generated from the decision text and checked against it. The appellant was Knight Frank LLP, represented.