Rating - Car showroom dealerships
The Rateable Value applicable to a commercial property is the Valuation Officers’ opinion of the Annual Rental Value for the property, on assumed terms and conditions on a particular date. Currently, new valuations of all commercial property take place every 5 years and the next revaluation is scheduled for 2010.
Bulleys are instructed to act on behalf of a number of car showroom dealerships in the Shropshire and West Midland area. In one particular instruction, Bulleys were retained to act with regard to a large car showroom in Redditch, Worcestershire.
Initially, Bulleys inspected and referenced the property to firstly ascertain if the rating assessment was likely to be fair and reasonable or over assessed. After an initial inspection, and carrying out a detailed analysis, an appeal was progressed with the Valuation Office.
Thereafter, Bulleys entered into detailed negotiations with the Valuation Officer, attending meetings both at the Valuation Officer’s office in Worcester and on site. After further protracted and prolonged negotiations, Bulleys were ultimately successful in reducing our clients rating assessment from Rateable Value £195,750 to Rateable Value £160,000.
Undertaking this action to protect our client’s interest resulted in a financial saving in excess of £65,000.
