Our client, an owner occupier of a substantial industrial building in the centre of Leeds had previously split the assessment but not challenged the valuation.
The Rating Department was asked to investigate and advise whether or not any savings could be achieved.
The client had owned the building for a substantial amount of time, and during the past twenty years, the office market in Leeds had built up around the property.
The client had also refurbished excess space that they were not using to office standards and let it to various occupiers.
It appeared upon initial inspections that the property had been valued as office space, rather than industrial space. An in depth measured survey also revealed incorrect areas had been applied to the property.
Discussions with the Leeds Office and Industrial Agency teams confirmed the initial suspicions that the rate per square metre that had been applied was excessive for such a property.
- 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;
- 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 International’s commercial property services, providing wide range of support for all types of commercial property.
After initially refusing to adjust the Rateable Value, the Valuation Officer finally agreed to a reduction of approximately 57% of RV.