Seven figure rating saving on De Beers London HQ

Cluttons acts for De Beers UK Ltd as their rating advisor.

Their London headquarters is situated on Charterhouse Street in EC1N and totals over 100,000 sq ft of office space. As their property needs have adapted over the past two rating lists, Cluttons have secured significant savings on their behalf.

Outcome

At the start of the 2005 rating list, De Beers occupied approximately 160,000 sq ft, reduced to 100,000 sq ft following their decision to sublet part. Cluttons oversaw this transition but also secured reductions on both the old and the new hereditaments.

• Our rating team negotiated a £660,000 reduction off the original 2005 List assessment
• We secured a 12.5% reduction in rateable value due to the nuisance caused by a nearby redevelopment and a further 5% allowance was obtained because of an oversupply of offices
• In the 2010 Rating List, we secured a 25% reduction in rateable value which is virtually unprecedented in this area of London
• Over the past 9 years, we have secured a significant seven-figure saving in rates payable