Tribunals · City of London Corporation · 2017 rating list

PT 5TH FLR SW WOOLGATE EXCHANGE 25, BASINGHALL STREET, EC2V 5HA

Offices and premises Decided 18 March 2025 CHG100399486 Altus Group - Oakland - Manchester/Ryan Property Tax Services UK Limited

OutcomeAllowed in partThe tribunal reduced the rateable value, but by less than the ratepayer sought.
Original RV£3,100,000£485/m²
Ratepayer sought£2,870,000
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 office properties at Woolgate Exchange on the basis that the unadjusted base rate of £485 psm was unreasonable. The key dispute concerned whether certain rents were let in Category A or Category B condition and whether a £25 psm uplift should be applied for fit-out works. The tribunal accepted that the properties were let in Category B condition with only minor works undertaken, and rejected the respondent's argument that a full Category A to Category B uplift should apply. Based on comparable assessment evidence (particularly Finsbury Circus House at £425 psm) and the rental evidence from within Woolgate Exchange, the tribunal determined the unadjusted base rate should be reduced to £425 psm.

Summary generated from the decision text and checked against it. The appellant was University of Chicago Booth School of Business / CVS Rating Surveyors / Global Reach Group, represented.

Grounds argued

  • Comparable assessments (tone)
  • Valuation method
Evidence
Rents, Settled assessments, Photographs, Expert report
Cases cited
Lotus and Delta v Culverwell; Dawn Bunyan v Acenden Limited
Hearing
20 February 2025

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