CLIENT INDUSTRY
-
Landlord
SERVICES PROVIDED
- Removal of rates to reflect CAT A works
LOCATION
- City of London
SIZE
- 22,000 sq ft
CHALLENGE
Our client acquired the property holding company in June 2018. At this time the offices were in vacant possession and were being actively marketed in CAT A condition. Full rates were payable, however liability transferred over to the incoming tenant in December 2018.
SOLUTION
Upon instruction, working alongside the Savills Property Management Team, the Rating Department was able to compile a robust challenge to delete the existing business rates valuation as a result of the space historically not being capable of occupation.
RESULTS
Following the submission of a challenge and extensive negotiations the Valuation Office Agency accepted our representations that the offices should not be liable for business rates whilst the floor was in CAT A condition. In view of their acquisition of the property holding company, the client received a refund of rates paid over the period April 2017 to December 2018 resulting in a cash saving of c. £900k.
COMMENT
William Illingworth, Director in the Rating team at Savills commented: “This was an exceptionally good outcome, generating an unexpected cash saving for the client. Although a hard fought reward, the opportunity had existed for over 6 years and without our ingenuity would have been lost in light of the upcoming appeal deadline. Our expertise and capabilities are a result of years of training, experience gathering and interpretation of legislation and case law, and that is what continues to stand us apart from our competitors.”