One of the largest banking groups in the world, JPMorgan Chase (NYSE: JPM) has had a major presence in the UK for many years.
Its estate of offices in the UK and Ireland spans 20 locations and its total rateable value exceeds £60m. Gerald Eve has acted as the bank’s advisor on business rates for more than a decade, and has provided the full range of services, carrying out historic audits, managing payments, making savings and lodging appeals.
Our experience and know-how in central London office rating, coupled with Gerald Eve’s good relationships with the Valuation Office and billing authorities, have stood JPM in good stead over the years. Working closely with the bank’s real estate and finance teams both in the UK and the US, we are able to provide accurate rate liability forecasts and accruals, and over the life of the 2010 Rating List, we were able to achieve savings on all of JPM’s properties totalling over £40m.
That close communication was invaluable when the bank took the decision to move 7,000 of its City-based staff to its new European headquarters at 25 Bank Street, a 33-storey office tower in Canary Wharf. Our challenge was to minimise JPM’s rate liability during a complex, extended, phased relocation from four separate locations. Our thorough, systematic approach, collating all relevant information regarding vacated office space and presenting it on a weekly basis to the billing authority, made sure that every last penny of empty rates relief was secured.