Operating from Levels 24 & 25 Mezzanine at 22 Bishopsgate, BXR London occupy a premium space within one of London’s most iconic office buildings. Properties of this nature are often subject to substantial rateable values, reflecting both location and specification.

Following a detailed review, it became evident that the assessments did not fully align with the operational realities of the space, presenting a clear opportunity to reduce ongoing occupancy costs.

Strategic Review and Successful Reductions

Leveraging deep expertise in the rating system and experience with complex, high-value properties, Hanway Commercial carried out a detailed strategy to challenge the valuations.

This resulted in meaningful reductions across multiple rating lists:

   > 2017 Rateable Value reduced by approximately 49%

   > 2023 Rateable Value reduced by approximately 57%

   > Draft 2026 Rateable Value reduced by approximately 56%

These successful outcomes delivered substantial cost savings, significantly reducing BXR London’s business rates liability over the respective rating periods.

Expertise in Complex Commercial Environments

Non-standard uses within a predominantly office building such as 22 Bishopsgate present unique valuation challenges. Hanway Commercial’s understanding of how these assets are assessed, combined with detailed analysis and a well-supported case, enabled a strong position to be presented to the Valuation Office Agency (VOA).

By aligning the valuation with market evidence and property-specific factors, the revised assessments more accurately reflect the nature and use of the space.

A Strong Client Partnership

The partnership between Hanway Commercial and BXR London enabled a focused, effective approach to reviewing the property’s business rates assessment, resulting in a meaningful reduction in occupancy costs at this prime City location.

Alex Nicholl, Director, BXR London commented:

“Operating from a building like 22 Bishopsgate comes with significant occupancy costs, and business rates are a major part of that. Hanway Commercial took a detailed and strategic approach to reviewing our assessments and delivered results that made a real financial difference to the business. Their expertise and handling of the process gave us complete confidence throughout.”

Looking Ahead

As part of our ongoing work, we continue to monitor the business rates environment and any changes to the system that may impact BXR. With the introduction of the 2026 Rating List and continued pressure on high-value City occupiers, a considered approach to managing business rates remains more important than ever.

Hanway Commercial continues to support clients in reviewing their positions, identifying opportunities, and ensuring that assessments remain fair and aligned with market conditions.

For further information on Business Rates Mitigation, please do not hesitate to get in contact with Mark Short at mshort@hanwaycommercial.com or call us on 0207 637 7554.