Tribunals · London Borough of Southwark · 2017 rating list

Suite 2514 Level 25 The Shard 31, St Thomas Street, SE1 9RY

Serviced offices and premises Decided 1 April 2025 CHG101088022 Avison Young (UK) Ltd

OutcomeMixed
Original RV£8,800£550/m²
Ratepayer sought£500
VO conceded first£8,300−6% before the hearing
Tribunal decided£8,300£550/m²

Figures are as stated in the decision; a dash means the document does not state that figure. This decision covers 50 properties; the figures shown are for the first listed.

What was argued and what the tribunal found

The appellant company operating serviced offices on Levels 24-25 of The Shard sought a reduction from £550/m² to £500/m² and argued that 17 south-facing suites should not attract the Tower uplift as they lacked River Thames views. The tribunal applied binding guidance from Bunyan v Acenden on amortising rent-free periods over the full lease term rather than to the first rent review, and found the base rate of £550/m² was reasonable or potentially too low. The tribunal allowed 48 appeals in part, granting a 5% material change of circumstances allowance from 1 April 2017 to 31 January 2022 (for properties excluding Suites 2511-2512 which had already benefited), but dismissed the requests to reduce the base tone or remove the Tower uplift. Two appeals were dismissed entirely.

Summary generated from the decision text and checked against it. The appellant was The Office Group Holdings Ltd, represented.

Grounds argued

  • Comparable assessments (tone)
  • Change of circumstances
  • Valuation method
Change of circumstances
reconstruction works
Evidence
Rents, Measurement survey, Photographs
Cases cited
Lotus and Delta v Culverwell; Bunyan (VO) v Acenden Limited; Specialeyes Plc v Felgate
Hearing
5 March 2025

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