Businesses across the Capital will need to be aware that their rating assessments are currently being re-valued with the new Rating List coming into force on 1st April 2017.
Click on the map to view business rate changes by London area or select an area from the dropdown.
The new rating list will come into force next year and the anticipated changes in business rates for this locality are set out below.
* April 2010 and April 2015 reflect Antecedent Valuation Date
The North of Mayfair office market encompasses the area bounded by Edgware Road to the west, Marylebone Road to the north, Portland Place to the east and Oxford Street to the south.
In recent years, as competition has intensified for quality units in the Core, occupiers have broadened their searches to cover locations such as the area north of Mayfair to satisfy their requirements.
This has been evidenced by demand from a number of boutique financial tenants for space towards the southern portion of the ‘North of Mayfair’ submarket.
As a result, it has become commonplace for property professionals to drop the submarket’s traditional moniker of “West of Portland Place” in preference of “North of Mayfair” due to the area’s increasing association with Core tenants and rental levels.
The area is home to a diverse mix of occupiers and offers corporate headquarters buildings for companies such as Chevron, Publicis, BDO Stoy Hayward, Oliver Wyman, PIMCO, Boston Consulting Group and Knight Frank.
The largest occupier by some margin is BDO Stoy Hayward, which relocated from its former headquarters in late 2005. In fact, three of the five largest professional sector occupiers are based in 55 Baker Street: BDO Stoy Hayward, Knight Frank and Oliver Wyman.
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The new Rating List will come into force on 1st April 2017 and this will herald changes to the level of business rates charged across the Capital. Our heat map reflects the anticipated impact businesses will face next year within each submarket.
Those with the strongest increases are in dark red and those in the lowest are in lilac. By way of background, the rating lists are based on the rental market two years before the list comes into force.
The 2017 Rating List will reflect the changes in the rental market between April 2008 and April 2015.
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