Ask-re Expertly Saves Proximity £578,777

CLIENT BRIEF Proximity engaged the services of ask-re to advise on the best way to mitigate their business rates liability for its principal office in Old Marylebone Road, NW1. The property comprises of approximately 32,250 sq ft of office accommodation arranged over nine floors. Proximity is part of the Omnicom Group with over 40 buildings in their portfolio and ask-re have a long history working closely with the group since 1991. The work undertaken involves examining rate bills and identifying technical angles by which we can make savings on an ongoing proactive basis. The client required us to monitor any voids in the occupation to identify empty rates appeals. However, The law changed in 2008, stopping empty rates relief making the detailed ongoing analysis all the more critical.

THE PROFESSIONAL APPROACH

Prior to instructing ask-re to review the 2000 Rating List Assessment, Proximity had instructed two other firms of Chartered Surveyors to undertake an investigation into their rates liability. Both of these firms reached the same conclusion – that there was no value in pursuing an appeal on the rates as they were at the right level.

Ask-re felt this was not the case and offered to carry out a speculative investigation. The team then carried out a survey of the premises and researched the local comparable evidence thoroughly. Following this, and believing there were grounds for a reduction, the team duly lodged appeals against both the 2000 & 2005 Rating List Assessments.

 THE SUCCESS STORY

Within 18 months of being instructed, ask-re successfully challenged the Valuation Office assessments and agreed substantial reductions in rate liability. Both the 2000 & 2005 List rateable values were reduced from £870,000 to £660,000 meaning a total rate liability saving of approximately £578,777 was achieved for our client