Client: Prudential
One of the biggest occupational trends to affect the high street financial services sector has been the closure of high street branches. A Gerald Eve client for over 40 years, Prudential today operates from around 15 large offices and call centres, the majority of which are clustered in London and the South East.
With a rateable value of in excess of £13m, our role is to appeal the company’s rates bills to minimise its UK business rates payments.
The solution
We do so by exploring a number of avenues with which to challenge the Valuation Office. Appealing assessments on the basis of alternative rental evidence, temporary empty rates relief and opportunities for material change of circumstances are a few examples.
For its 13,550 sq m office at 121 Kings Road in Reading, for instance, we instigated general discussions with the Valuation Officer for offices in the Thames Valley, and took a leading role in co-ordinating negotiations and analysing market evidence. By presenting our evidence for larger buildings, we achieved a reduction from the VO’s adopted value of £158 psm to £105 psm, which will create an overall saving of over £1m by 2010.
Results
In the last three rating revaluations alone, we have saved Prudential more than £12m.
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