Our client was a major IT and communications company that had moved its headquarters to a five-storey office building in central London. Colliers CRE’s rating specialists were called on to advise on its rateable value – and minimise uncertainty over forthcoming rate demands.

Thanks to our involvement in the assessment process, the building entered the rating list at a level well below that originally indicated by the Valuation Office, resulting in a considerable saving for our client.

A proactive approach
The company had been occupying the building for around a year and wanted clarity on its rate liability. After providing an initial estimate, we began discussions with the Valuation Office, with a view to reaching an assessment of rateable value by prior agreement.

By carrying out a joint inspection of the building with the Valuation Officer, we were able to agree the physical facts and begin negotiating an appropriate level of value.

We liaised with our West End agency team, who were able to give us valuable insight into the local market and, by looking at the assessments of comparable properties and a range of rental evidence, we put forward an argument for a lower level of value.

Agreeing a rateable value with the Valuation Office before the building’s inclusion in the rating list gave the company a clear picture of its rate liability. In addition, our advice on empty rates for a period when the building had been unoccupied brought further benefits, generating overall savings of approximately £600,000 for our client.

Business rates
– a comprehensive service:
• Initial recommendation and advice from a professional rating surveyor with extensive market experience;

• Detailed measuring survey allowing instigation of procedures to ensure the lowest level of liability is being charged;

• Full analysis of subject property rental transaction, if applicable, and transactions based on comparable properties in the marketplace;

• Proactive lead in discussions with the Valuation Office to ensure best result for our client;

• Representation at Valuation and Lands Tribunal if required;

• Provision of additional advice and recommendations on Valuation Office forms of return, Small Business Rate Relief and applications to local authorities on vacant areas of commercial properties;

• Continued rating advice and support throughout the life of the rating list and beyond;

• Direct internal link to all of Colliers CRE’s commercial property services, providing wide range of support for all types of commercial property.

For further information, please contact:
Howard Smith
Director
howard.smith@collierscre.co.uk
020 7487 1855

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