Richard is a Partner, based in Newmark UK’s City office and leads the Offices Business Rates team and has a wealth of experience in this sector. He specialises in providing strategic rating advice to occupiers and landlords in the City of London, Docklands and other London markets, as well as coordinating national portfolios.
In addition, Richard leads the firm’s approach to empty rates strategies, advising owners, developers and occupiers in mitigating empty rates liability. This includes advice on de-rating in the light of the “Monk” case, temporary reliefs and legal empty rates schemes.
Richard focusses predominantly on the financial sector with numerous banking and insurance occupier clients including JPMorgan, Bank of England, Schroders, Swiss Re, Credit Suisse, Close Brothers, Rabobank, AJG, Barings, Nomura and SocGen.
He also advises blue chip occupiers across a range of other sectors such as BP, Whitbread, Shell, Hogan Lovells, City of London Corporation, Turner & Townsend, Kaplan and BLM Law.
Recent projects
- JPMorgan Chase Bank – Ensured optimal cost savings secured during phased consolidation and relocation from six City office buildings into a 1 million sqft European HQ in Canary Wharf. Richard identified and actioned all opportunities for discretionary and mandatory relief, as well as valuation appeals during refurbishment works, leading to substantial refunds. Schroders – Advised throughout consolidation from four City offices into a single, new 320,000 sqft corporate HQ in London Wall.
- Société Générale – Advising during phased relocation from three City offices into a 260,000 sqft new development in Canary Wharf.
- Empty Rates mitigation – Richard works with many owners and developers to mitigate empty rate liability during all stages of a development, from pre-development void, through redevelopment deletion and delayed liability on completion. Where appropriate, he initiates legal, reliable strategies including temporary occupations and genuine charitable uses to mitigate costs. His knowledge and experience of the de-rating processes and law ensures buildings are taken out of rates; our advice assisting in early planning and phasing of the works to end liability at the earliest possible opportunity. Proactive advice and communication with billing authorities ensures redeveloped buildings are not brought back into assessment sooner than necessary.
