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1 Phipp Street, London EC2


Key Issues

  • Grade A media office accommodation in Shoreditch
  • Assessment of rateable value entry in the Rating List
  • Pricing per sq m favourable and therefore not disturbed, but significant errors in floor areas

                

What We Did

Acting for the occupier, we reviewed the client's rateable value, concluding in the first instance that the pricing was fairly set in comparison to the client’s rent and to other assessments on similar buildings. However, our areas were dramatically different to the Valuation Office areas. 

The Valuation Office stood by their areas, having adopted plans used for planning permission purposes for the new development. Our further research concluded that the building had altered post planning and we obtained fresh plans, different to those relied on by the Valuation Office. So, the next step involved a careful inspection/measurement of the offices – our inspection confirmed the accuracy of our plans.  Supporting our grounds for a floor area reduction of 27%. 

 

The Outcome

The rateable value was reduced from £497,500 to £375500.

Saving for the client over 4 years: £249,500

Property Occupier Services

We cover central London and Fringe offices, we also cover the south east market in both offices and industrial and consider rent rolls from about £75,000 p.a. upwards.

We can provide a free appraisal of your rate bill, and advise on the most efficient and least risky course of action.

If your lease is coming to an end? Do you have a break option or want to re-negotiate your lease?

We can help negotiate any “exit costs” to the tenant of putting a property back into repair and potentially reinstating tenant’s alterations at the termination of a tenancy / lease.