Management Suite Level 24 The Shard 31, St Thomas Street, SE1 9RY

What was argued and what the tribunal found

The appellant, a serviced office provider, challenged the rateable values of 50 serviced office suites on Levels 24 and 25 of The Shard, seeking a reduction from £550/m² to £500/m². The tribunal found the base price of £550/m² was reasonable based on comparable rental evidence, particularly a new letting at Rear Part Level 2 agreed on the antecedent valuation date (1 April 2015) which analysed to £604/m² after adjustments. The tribunal applied the Bunyan v Acenden principles for amortising rent-free periods over the full lease term (absent a break clause). The tribunal rejected the appellant's argument for removing the 'Tower uplift' for south-facing suites lacking Thames views, finding no persuasive evidence of reduced desirability. The tribunal allowed 48 appeals in part by granting a 5% material change of circumstances allowance from 1 April 2017 to 31 January 2022 (for all properties except Suites 2511 and 2512 which already had this allowance), and dismissed 2 appeals relating to those two suites.

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

Grounds argued

• Rental evidence
• Comparable assessments (tone)
• Change of circumstances

Change of circumstances

construction works - Fielden House demolition and reconstruction

Evidence

Rents, Settled assessments, 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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