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Victoria

The Victoria office market is bounded by Belgravia and Chelsea to the west, St James’s Park to the north and the River Thames to the east. Victoria is the largest of the West End’s submarkets with a high volume of large-unit office stock. Up until the early 2000’s there were very few high quality Grade A office buildings.

However, more recently, Victoria has been transformed by various developers, most notably Land Securities offering new high quality office developments. This has enabled Victoria to diversify both its office tenant and retail base attracting a number of large corporates which have taken advantage of its connectivity and large floorplate offering.

Looking forward, the area is set to see further significant changes. Improvements to the station concourse, the potential relocation of the coach station, and the completion of the Nova scheme on the north side of Victoria Street will cement Victoria’s place as one of the West End’s most important submarkets.

2017 Rating Revaluation - Impact on Business Rates across London

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.


Occupier profile

The occupier profile of Victoria is dominated by public sector occupiers ranging from the Metropolitan Police to government agencies. However, the significant construction activity along Victoria Street and Buckingham Palace Road, has attracted major corporate occupiers such as Microsoft and Google. Various fashion/retail occupiers have also recently descended on Victoria including Armani, Burberry and Jimmy Choo.

2017 Rating revaluation impact on business rates across London

Business Rates Map

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.

The new rating list will come into force next year and the anticipated changes in business rates for this locality are set out below.

Per sq ftApril 2008April 2015Change (%)
Rateable Value £58.52 £67.35 15.10

Per sq ft2016/172017/18
Rate Payable £30.25 £33.14

Victoria rateable value as AVD

*April 2010 and April 2015 reflect Antecedent Valuation Date

Rateable Value as AVD

Take-up by sector - last 12 months

Pie Chart - Take-up by sector - last 12 months