Client: Swiss Re
Our client, Swiss Re, occupies one of London’s most iconic buildings. Completed in 2003, the company has been liable to pay UK business rates established in both the 2000 and 2000 rating revaluations.
The solution
The main challenge faced by Swiss Re was that as a high profile building, the Valuation Office had assessed it as an expensive, prime office. Our role was to convince them of the ‘flaws’ of the building that detracts from its rateable value, including:
- its unique floorplates
- its restaurants/kitchens/bars on the top four floors
- the scale of Swiss Re’s occupation
Other avenues that we exploited included temporary empty rates relief and opportunities for material change of circumstances.
Results
To date, our rating advisers have saved Swiss Re over £3m.
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