Client: Whitbread – City Point
Our client, Whitbread, occupies the 25th floor of City Point – a Norman Foster designed tower that is one of the City of London’s most famous landmarks, built in 2001.
When its business rates bill arrived, it was clear that in making its assessment, the Valuation Office had attached a premium to high tower floors. Our Research team collates a comprehensive database of City office deals, and this evidence showed that the premium was inappropriate. It allowed our rating specialists to negotiate the rateable value down by 23%.
In addition, Whitbread had experienced some ‘snagging’ problems with the newly constructed building which slightly delayed its ability to fully occupy its new offices. Even though the delay was only a matter of a few weeks, we made sure that we secured a £15,000 reduction in our clients’ rates bill. Put together, our offices team saved Whitbread £227,000 in rates payments.
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