The Client
Mikris Finishers Ltd - Gloucestershire
A highly specialised Industrial paint finishing company offering their services to Engineers, Domestic and Commercial clients.
The Instruction
We were instructed by the landlord to review the rateable value on the above unit which he was planning to sell. It had not been looked at over many years but there was a feeling it might be too high.
After inspecting and analysing the property, we found its value was disproportionately high considering the age of the building and the rent being paid. The VOA considered this unit to be much newer, valuing it in comparison with industrial units built post 1990s. In fact, the property was constructed pre 1960s and was therefore a lower quality and less valuable building.
The Result
Following our inspection it was clear to us that the property was on the wrong valuation scheme. It had been compared to much more modern units which in the market would let for significantly more than the subject, which was of inter war age.
A CHECK appeal was submitted to the Valuation Office, but this was dismissed as so often initial appeals are. We then went ahead with a full CHALLENGE appeal providing a wealth of supporting evidence to argue our reasoning.We are pleased to say that in discussion, agreement was reached to reduce the existing assessment from £76,500 to £44,500. A 44% reduction - Saving the client just under £90,000 in rates over the length of the 2017 list.
Additional appeals were then raised on a number of other units on the estate with similar results, thius helping fuvrther clients make savings.
It is unfortunate that the ratepayers had not come to us earlier when the 2010 rating list was still open for appeals, as these reductions would certainly have carried through to the previous list. There is a misconception amongst some ratepayers that the Valuation Office never get an assessment wrong…. but our expertise highlights misjudgement.
