We have recently achieved large reductions on behalf of landlord clients.
The first is a city centre multi-occupancy office block shown above. The property had an annual rates bill in excess of £30K per annum but we managed to get this reduced to zero for the landlord for the duration of the five year revaluation cycle. This has resulted in significant reduced costs for landlord and occupiers alike and a very happy client!
The second recent success was a detached office building in Ayr Road, Newton Mearns (above) which had an RV of £69,000. Although the property is currently vacant, there is a lease in place meaning a double whammy in terms of rent and rates costs to the tenant. The lease is also due to expire before the next rates revaluation in 2022 with the building reverting to the landlord. Both the tenant and landlord were therefore determined to keen to keep rates bills to an absolute minimum from both a cost and marketability perspective. Taking the lead role in negotiations with the Assessor, we were able to secure an almost 1/3 reduction in RV to £47,000. By getting the value under £51,000, this also meant the property no longer had a large property supplement applied. The rates saving was in excess of £12,000 per year and more than £60,000 over the revaluation cycle.
Whether you are a landlord, tenant or occupier, if you wish to discuss any aspect of business rates, please do get in touch.