Flude’s Rating Expert Reduced Rateable Value on London Retail Unit by 45%
Tuesday 7 June 2022
Flude Property Consultants were instructed by Dunward Properties Ltd to challenge the business rates assessment and reduce the rateable value (RV) of their large empty showroom / retail unit at 212-218 Putney Bridge Road in London.
Flude’s business rates expert, Dan Green, was able to lodge an appeal to reduce the RV. The existing RV stood at £182,000 and using comparable rental evidence, Flude were able to negotiate a reduction of 45%, bringing the RV to £101,000. This created a saving of £41,000 rates payable per annum.
The rates reduction for Flude’s client helped ensure the unit was quickly let to Gorillas; a London based dark supermarket.
The Valuation Office Agency (VOA) have now altered the 2017 rating list entry for the property, backdated to 1st April 2017.
Daniel Green commented, "When Duncan Watson (Managing Director of Dunward Properties Ltd) asked me to look into the rateable value, it seemed out of kilter with similar properties. The rental evidence supported this and I’m extremely pleased with the eventual outcome. The backdated reduction not only benefits our client and the current occupier, but also the previous occupier, Royal Trinity Hospice".
