The business rates consultants were appointed to reduce business rates on a building that they had acquired in Surrey.
The client wanted to reduce their exposure to business rates on a 1960s former work and pensions office, until they redeveloped the site.
The original premises comprised two three-storey offices and a subterranean car park, and was formerly a job centre.
The property planning permission granted demolition of the site in order to create a new 48,000 sq ft office and 14 unit residential flat development.
However, in spite of the fact that the buildings were vandalised, the developer was still liable to pay business rates as the Valuation Office Agency (VOA) deemed the damage to the buildings to be repairable.
The VOA finally agreed to reduce the assessment to £0 when demolition physically commenced. Vail Williams’ business rates consultants then appealed the £0 rating assessments to back date removal of the assessment to their date of acquisition, and reduce the business rate liability for the client.
- Business rates advice
- Property valuation consultancy
Following successful negotiations, Vail Williams agreed with the VOA that the property was in such a poor state of repair that the cost of reinstatement works would not have been reasonable.
As a result, the reduced £0 business rate was backdated, saving McKay Securities PLC approximately £82,000.
For further information please contact our team.
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