The new rateable values for the 2026 Rating List are announced today, 26^th November 2025 and will be available to view on the Valuation Office Agency website click here from 2.30pm. The release is timed to coincide with the Budget so there is a lot for business owners to process and we have put together a useful Q&A with Alastair Fearn, Director in our Business Rates Team to help businesses a guide as to what the rateable value means to them.

When Do the New Rateable Values Take Effect?

The new rateable values, announced today, will take effect from 1^st April 2026 and are intended to last for a period of 3 years.

How Do I Know What The Rates Payable Will Be?

This depends on the size of the rateable value and also whether the business qualifies for Retail, Hospitality & Leisure Relief or Small Business Rate Relief.

How is The Rateable Value Calculated?

For the majority of buildings i.e. Offices, Warehouses, Shops & Restaurants the rateable value is based upon the rate per square metre derived from comparable evidence.  For trading premises such as Pubs, Wedding Venues & Hotels, the rateable value will be based upon the trade performance of the property.  On a very simple basis, the Rateable Value should reflect the rental value of the property as at 1^st April 2024.

Can I Appeal The New Rateable Value?

Yes, you can appeal the rateable value from 1^st April 2026.  This can be done by the Valuation Office Agency website using their system which is known as Check, Challenge, Appeal.

Alastair Fearn, Director in FHP’s Business Rates Team added:-

“We have seen some large increases to rateable values, particularly in the industrial & warehousing sector and the 5 new multipliers, announced in the Budget today, creates further confusion for ratepayers.  Our team are ready to provide advice to any ratepayers who want help in understanding and challenging their new rateable values.”

If you would like any further information on the 2026 Rating List or on how to appeal your existing 2023 rateable value, please contact Alastair Fearn (07917 460025 / alastair@fhp.co.uk) of FHP Property Consultants or one of the team on 0115 950 7577.

ENDS

26 November 2025

It feels like the Budget on 26^th November 2025 cannot come quick enough with growing uncertainty of what may be announced.  We do know that there will be changes to the way business rate charges are calculated and below is a brief rundown of what we expect:-

• 5 new multipliers! – Despite to calls to simplify the business rates system, the Government are intending to introduce 5 new multipliers with the relevant multipliers depending on the rateable value of the property and whether or not you are in the retail, hospitality & leisure industry. 

• Abolition of Retail, Hospitality & Leisure Relief  – Businesses in these sectors currently benefit from a 40% reduction.  However, this is to be removed and will be replaced a lower multiplier as per the above bullet point. 

• New Rateable Values – It is anticipated that the rateable values will be announced on Budget day or shortly afterwards. These new values will come into effect from 1^st April 2026. 

• Transitional Relief Scheme – There will be a new Transitional Relief Scheme implemented to phase in any rateable value increases and there will be no downwards transition so once the rateable values drop will immediately benefit from the reduction. 

• Supporting Small Business Relief – We anticipate that those businesses currently benefiting from Small Business Rate Relief will lose that relief in the 2026 Rating List due to Rateable Value increases will have the increases phased in.

• Empty Property Rates – We are not expecting any changes to Empty Property Rates rules in England despite Scotland & Wales having far more strict regimes. 

Alastair Fearn, Director of FHP’s Business Rates Team commented:-

“It will be interesting to see the new multipliers as I anticipate that the loss of the 40% retail discount will be felt keenly by many operators in that sector. I do not expect the new multiplier for qualifying properties of rateable value £50,000 or more to benefit from much relief although I am happy to be proven wrong.  Once the new rateable values are announced we will be able to provide clients with forecasts and advice on routes to challenging their new rateable values.” 

For further information, please contact Alastair Fearn (07917 460025 / alastair@fhp.co.uk) of FHP Property Consultants.

ENDS

17 November 2025

Property consultancy, FHP has been successful in an appeal to lower business rates on the property of two Nottingham-based restaurateurs, saving them thousands of pounds a year.

Robin Perkins and his brother, Adam, own the popular riverside restaurant, Tom Browns Brasserie, in Gunthorpe, Nottingham.

The pair had seen the rateable value of their property almost double between 2010-17, resulting in a steep increase in business rates.

Alastair Fearn, Director at FHP successfully appealed the rise on their behalf, resulting in a 30% reduction in the rateable value of the property and a total saving of circa £30,000.

The reduction also saw the business fall under the threshold required to apply for a Business Support Grant from Newark & Sherwood District Council.

The grant provides access to up to £25,000 to help businesses in the retail, leisure and hospitality industries to survive during the coronavirus pandemic.

Robin Perkins, said: “This is a huge result for us and is so important to the future of our business. We had seen our rates go up year on year and as a small independent restaurant, that was very hard to take. We felt that something wasn’t right and we wanted to appeal, we just couldn’t find the right support. We had previously instructed another agency to look into the matter but hadn’t made any headway. Alastair Fearn at FHP was recommended to us and we’ve been really impressed. Alastair provided us with the perfect service, it was all handled so quickly and without any hassle. The rebate on its own was great news but the fact that we were then eligible to apply for a grant makes a massive difference.”

Alastair Fearn, Director FHP said: “I’m very pleased that I was able to achieve a positive result on behalf of Tom Browns Brasserie at a time there was so much uncertainty for their business. It was important that we moved quickly to resolve the issue so that we could apply for a Business Support Grant, so we worked closely with Newark & Sherwood District Council to make them aware of the situation well ahead of time. We work with all manner of businesses operating from licensed premises, offices, warehouses and shopping centres. Business rates aren’t something that people always have time to consider, but it doesn’t cost anything to take a look into. We know that any cost savings could be vital for businesses adapting to life post-Covid-19.”

Tom Browns Brasserie was established more than 30 years ago and has built a reputation as one of the best restaurants in Nottingham.

Current owners Robin and Adam Perkins acquired the business from their parents in 2001. The restaurant has since been awarded two AA Rosettes (2008-2019) and featured in the Michelin Restaurant Guide 2018/19, for its quality, fresh, modern, international cuisine and superb service.

Tom Browns Brasserie supplied food to Newark Women’s refuge and local elderly residents unable to visit supermarkets during lockdown. The restaurant used surplus stock and raised more than £5,000 through a Just Giving page.

FHP is one of the largest private commercial property consultancies in the Midlands, with three offices located in Nottingham, Derby and Birmingham. The firm has a strong track record of achieving exceptional business rate savings for a wide variety of clients, including Nottinghamshire County Cricket Club and Nottingham Forest Football Club.

• Let on new 10 year lease terms
• Net rental income of £198,426.50 per annum
• NIY of 7.2% after costs at 6.4%
• Fixed uplift rent reviews at year 5 taking net rental income to £210,000 per annum and reversionary yield of 7.6%
• Guide price of £2.6 million

The continuing improvement in the Derby office market has been reflected in the recent agreement of an increase in rent at rent review on a building known as 2 Centro Place, Pride Park, Derby.  The self contained office building providing a high standard of office accommodation over three floors is occupied by the national house builder, Miller Homes.

Alastair Fearn, Director within FHP’s Professional Services team represented the landlord, a private trust in the rent review and commented:

“This building, whilst now 15 years of age remains one of the best buildings on Pride Park, certainly in its size range of 13,000ft².  Given our knowledge of the market we were able to present sufficient evidence to the tenant and their adviser to support a rent increase and after a period of negotiation an agreement was reached.

Previously rent reviews were often left untouched because there was no growth in the market.  However, we are seeing growth in both the office and industrial markets across the region and are keen to speak to any landlords or tenants who have a forthcoming rent review because we feel that with our experience and knowledge of the market we are well placed to offer the right advice.”

Steve Salloway of Salloway Property Consultants acted on behalf of the tenant, Miller Homes.

For the past 6 or 7 years the way the Valuation Office Agency have valued buildings either in disrepair or undergoing conversion/refurbishment works has varied greatly with this issue being decided through the Courts.  There does now seem to be a greater level of consistency being applied and this is reflected perhaps in the recent agreement between the Valuation Office Agency and Alastair Fearn, a Director in FHP’s Business Rate Team acting on behalf of Shoby Investments, the owners of City Buildings, Carrington Street, Nottingham.

The City Buildings were recently acquired by Shoby Investments and are currently undergoing a significant refurbishment programme which will create approximately 45,000ft² of some of the best offices in Nottingham.  As a result of this refurbishment programme the upper floors have been vacated leaving Shoby Properties with a significant business rates liability across the upper floors.  Alastair Fearn was appointed by Shoby Properties to provide a summary of the rates liability and also to implement a strategy to reduce this liability.

Alastair Fearn commented:

“I have been able to reach an agreement with the Valuation Office Agency to reduce the Rateable Values for the parts of the upper floors to £0 and we are also putting into place an empty rates mitigation scheme on the one ground floor unit that has just fallen vacant.

The approach of the Valuation Office to valuing buildings in disrepair/undergoing refurbishment remains uncertain and with the Valuation Office challenging a recent decision at Canary Wharf in the Upper Tribunal shows that they are still prepared to fight the definition of repair/refurbishment.”

FHP are experienced in negotiating with the Valuation Office and aside from the work undertaken at City Buildings have had recent numerous recent successes in reducing Rateable Values to £0 as a result of buildings being in disrepair or undergoing refurbishment/conversion works.

For further information on how FHP may be able to help you please contact Alastair Fearn on 0115 9082100 or alastair@fhp.co.uk.

Find out how FHP can help you save money on your Business Rates.

The popular restaurant chain, Georges Great British Kitchen have reappointed FHP to advise them in relation to their business rate liabilities on their restaurant portfolio in the 2017 Rating List.  This appointment continues the partnership between Georges Great British Kitchen and FHP which has seen FHP achieve significant savings for the company in relation to the 2010 Rating List.

Alastair Fearn, Director within FHP’s Business Rates Team commented:

“I am very pleased to continue the successful relationship with Georges Great British Kitchen and am hopeful that we can replicate the success achieved in the 2010 Rating List.

The appeal system in the 2017 Rating List has changed which brings its own challenges but I am still confident that these can be overcome to ensure that we still build a strong case, where appropriate, to support a reduction to the restaurants Rateable Values.”

FHP act for a wide range of business and organisations in relation to business rates and as illustrated by the appointment by Georges Great British Kitchen and are comfortable working in different locations across the country.  If you are concerned about the level of business rates that you are paying, whether the property is occupied or vacant then please contact Alastair Fearn of FHP on 0115 9082100 or alastair@fhp.co.uk.

When the 2017 Rating List came into effect on 1 April 2017 the Rateable Value of all business properties within England and Wales changed, some Rateable Values went up and some went down, there were winners are losers across the country.

As a result, the Government introduced a transitional relief scheme which essentially phased in increases and reductions over a period of years.  The Government also allocated additional funding to Local Authorities to give additional relief to companies who were facing the increases in their particular areas.

The cost of the scheme in the 2018/2019 financial year to Leicester City Council was originally estimated at £626,000 but it is understood that the implementation of the scheme actually cost less than this.  As a result Leicester City Council have decided to limit the net increase in business rates payable for ratepayers occupying properties which fall within the £20,001 – £100,000 Rateable Value of 6.2% instead of 8%.  This is subject to a cap on the relief of £10,000.

The local transitional relief scheme in Leicester for 2018/2019 is as per the table below:

Alastair Fearn, Director within FHP’s Business Rates Team commented:

“The alteration to the scheme by Leicester City Council is purposely targeted at limiting rate increases for smaller rate payers whilst those ratepayers who occupy the Rateable Value of over £201,000 will have no limit relative to the Government guidelines.

Ratepayers in Leicester with a Rateable Value of between £20,000 and £100,000 may well be seeing a refund come through in the next few weeks.

We are very active within Leicester currently advising a number of ratepayers in relation to not only reducing their Rateable Values but advising on business rates mitigation whilst they are empty and also reducing Rateable Values to £0 whilst buildings are undergoing reconstruction or significant repair works.

I would be pleased to speak to any ratepayers who have queries about their bill or are interested to find out if we can help reduce their business rates payable.”

In 2015 the Supreme Court made a decision in the case of Woolway (VO) v Mazars LLP (2015) which made huge changes as to how properties were valued for the purposes of business rates.  This created a huge amount of paperwork, confusion and a significant increase in rates payable for many businesses.  The rates payable due increased as businesses lost their entitlement to small business rates relief and instead of having one large assessment that benefited from quantum due to its size their assessment was split to create a number of smaller assessments, all assessed at a higher rate increasing the rates payable.

Parliament has sought to intervene with the snappily titled ‘Rating (Property in Common Occupation) and Council Tax (Empty Dwellings) Act 2018’.  This allows ratepayers to reverse the effects of the Supreme Court decision.  This Supreme Court decision meant that any properties that did not directly intercommunicate such as adjacent office floors in a multi let building or car parking spaces in a multi let building were to be given separate Ratable Values.

Alastair Fearn, Director within FHP’s Business Rates Team commented:

“The opportunity for ratepayers to apply for their properties to be merged back together is open for a limited period, until 31 December 2019.  Therefore we would urge any ratepayers who think they might be affected to get in touch as we will be able to help you.

The effects of a merger may also have benefits in terms of the 2017 Rating List so it really is worth taking advantage of this window of opportunity.”

For further information or if you would like to speak to FHP about how we may be able to help you with any business rates liabilities you may have please contact Alastair Fearn on 0115 9082100 or alastair@fhp.co.uk.

Acting on behalf of Nottinghamshire County Council Pension Fund Alastair Fearn, Director within FHP’s Professional Services Team has agreed the outstanding rent review of October 2016 with the tenant, international recruitment firm Michael Page.

The new rent agreed represents an increase of approximately 15% to the annual rent.

Alastair Fearn commented:

“I am very pleased with the increase that I have been able to achieve for the landlord here using a combination of my own knowledge of the market and that of my colleagues in our award winning Office Agency Team successfully proving the case for the increase. 

As a result of the increase achieved the landlord is now able to recover backdated rent and the capital value of the property as a whole will increase. 

Market conditions are changing and whilst it would be incorrect to state that increases are due across the board, depending on the type and location of each property if you have the appropriate knowledge in the market then it is possible to prove cases for an increase.” 

FHP provide advice to landlords and tenants at the point of lease renewal and rent review on a wide variety of premises across the country.

FHP are pleased to confirm that Alastair Fearn, Director within FHP’s Business Rates Team has successfully achieved a significant reduction to the Rateable value of a fantastic wedding venue called Healey Barn which is in Northumberland.

The wedding venue comprises former farm outbuildings which have been converted to now provide a high quality wedding venue and was initially given a Rateable Value by the Valuation Office Agency of £59,250.  This was challenged by Alastair Fearn and he was able to agree a significant reduction to £42,000.

Johnnie Dickinson of Cripps Healey commented:

“Business Rates are a large cost for us at the venue and we are aware that Alastair had previously been successful in achieving a significant reduction for a wedding venue elsewhere which led to his appointment.

I am very pleased with the reduction Alastair has been able to achieve for us and we have also engaged him to act for us in the 2017 Rating List.

Alastair Fearn added:

“The Rateable Value of a wedding venue is partly based upon the turnover of that venue and also the quality and level of facilities offered by the venue.

The effect of this reduction to the Rateable Value has not only resulted in a refund back to the company for historic overpaid rates but also reduced the company’s liabilities at the start of the 2017 Rating List.”

To provide some context to this question, in the normal course of events there would be a re-valuation of all Rateable Values every 5 years.  This has been the case since 1990 however, in 2014 the Government decided to postpone the 2015 re-valuation until 2017.

This therefore means that with effect from 1 April 2017 every property in England, Wales and Scotland will have a new Rateable Value.

There are numerous articles and reports in the press at the moment screaming blue murder about the unfairness of this tax and how it is killing our high streets in what are perceived to be unfair increases.

The reason behind such steep increases in some cases is purely down to the fact that the last re-valuation date was 1 April 2008 and therefore in the 7 year period values have moved on to such an extent that in some cases higher Rateable Value is now considered by the Valuation Office to be appropriate.

This relates mainly to properties in London and the South East.  If the re-valuation had occurred as originally intended at the valuation date of 1 April 2013 then these increases would not have been so steep due to the improvements in the property market.

Alastair Fearn, Director of FHP’s Business Rates Team added:

“In addition to the Rateable Value increases in part of the Country the real killer in my view is the changes to transitional relief.  In short transitional relief is designed to phase in increases or decreases to rates payable between Rating Lists.  The intention is that no occupier should face a particularly steep rise or fall in their business rates payable as a result of a significant change in their Rateable Value.  Instead any rise or fall should be phased in over a number of years.

The Government have however altered the transitional phasing arrangements which means that for larger properties any increase is limited to 42.5% per year.  The result of this is that many businesses who have seen a rise in their Rateable Value will not benefit from a cushion of transitional phasing because the transitional limits are set so high.”

There is nothing that can be done about Transitional Relief but every ratepayer has the right to challenge their Rateable Value.  We encourage all ratepayers to take professional advice before challenging their Rateable Value because values can go up as well as down!  Ratepayers have until 31 March 2017 to challenge their current Rateable Value and can challenge their new Rateable Value when it comes into effect from 1 April 2017.

For no obligation advice and assistance please contact Alastair Fearn, Director within our Business Rates Team on 0115 9082100 or alastair@fhp.co.uk.

• Freehold opportunity (may let)
• Potentially suitable for industrial/employment redevelopment subject to planning
• Currently producing £74,000 per annum income
• Offers invited for the whole
• Located to the south of Worcester City Centre

As a result of the recent sale of AND Automation to VINCI Energies, Alastair Fearn, Director at FHP was invited by the former Directors of Automation solutions provider, AND Automation, to advise them on how best they could structure a sale of the property in which the company was based.

The answer was to grant a new 10 year lease to the operating company, AND Automation and undertake what is referred to as a sale and leaseback.

Alastair was able to market the property to investment market and received a strong level of interest including a number of bids.

The building was sold to a private investor, advised by Chris Sinclair of Innes England at a price which reflects a net initial yield after costs of 7.5%.

Alastair Fearn comments: 

“The advantage of a sale and leaseback for building and business owners is that it immediately releases equity tied up in the property which can be used for other purposes, such as investing in the company. 

In this instance I was able to sell the property within a short period of time and realise the equity in the building for the Directors. There is appetite in the market for investments at this size level on good buildings such as this. 

Tony Brooks of AND Automation added:

“I was really pleased with the way Alastair conducted the sale on our behalf. He kept me well informed throughout the process and we were really pleased to sell the property in such a short space of time.”

For more information on this sale or to find out how Alastair could help you with a sale and leaseback please contact Alastair Fearn on 0115 908 2100 or Alastair@fhp.co.uk.

Whilst FHP have a strong reputation within the East Midlands, it is not so well known that our Professional Services Team work successfully across the Country for a range of Landlords and Tenants. Most recently Alastair Fearn, Director within FHP’s Business Rates Team has successfully achieved business rate refunds for Cromwell Tools in three separate cities.

Business rate savings have been achieved for Cromwell Tools at their depots in Plymouth, Worcester and also in Warrington. This success shows that whilst being located in the East Midlands, FHP are able to operate successfully across the Country.

Of particular note was the reduction achieved for the company in Warrington. The company had relocated to a brand new depot elsewhere within Warrington but they still remained the rate payer at their old depot prior to the building being sold. The property was sold in early 2015, however as a result of the appeal placed, Alastair Fearn was still able to hold discussions with the Valuation Office post sale and ultimately achieved a refund for the company for business rates on a building they no longer owned!

Alastair Fearn commented:

“I was really pleased to achieve reductions for Cromwell Tools and believe that the geographical spread on savings shows that whatever the location I can adapt my skills and knowledge successfully. I still have around 30 appeals left in place for Cromwell Tools across the Country and will be aiming to achieve further savings for the company.”

To find out whether FHP could help you in relation to your business rates or indeed any leasing matters such as a rent review or lease renewal then please contact Alastair Fearn on alastair@fhp.co.uk or 0115 908 2100.

• Let to AND Automation Ltd, a subsidiary of Vinci Energies Limited
• Passing rent of £60,000 pa
• A new lease for 10 years with a 5 year break
• Popular location
• Offers at £750,000
• 7.56% after purchaser’s costs at 5.8%

For the first time since 1994, the rent for Oaks Industrial Estate, Leicester has been increased, after FHP undertook a rent review, on behalf of the Landlord, Peak Securities.

The 12 unit Estate, which is let to the Local Authority has an unusual rent review clause, yet FHP are adept in carrying out the review process, basing the revised rental value on the market rent at the site.

Sam Howard of Peak Securities, comments:

“Despite there being 5 yearly rent reviews the rent has remained at the same level on this Estate since 1994, yet thanks to the comprehensive work undertaken by FHP, the rental income has finally been increased and I am extremely grateful for their knowledgeable, informed, approach.”

Alastair Fearn adds:

“The rent review clauses in long leases are often unusual, poorly drafted, confusing and difficult to interpret.
In this instance my interpretation of the rent review clause was proved to be correct and allowed me to generate an increase in rent for the first time in 21 years.

We have seen in the past 12 months an increasing number of clients approaching us to represent them in both the rent review and lease extension of long leases because clients are realising the impact on value the rent has on the capital value of their asset.”

If you feel you could benefit from advice in this regard please contact Alastair Fearn of FHP on 0115 841 3913 or alastair@fhp.co.uk.

The vast reduction to the Rateable Value, from £60,000 down to £24,000, is something that Alfreton Hall can smile about, after a successful appeal against their business rates assessment, by Alastair Fearn of FHP’s Business Rates team has secured the impressive savings.

The new Rateable Value is just over a third of the initial figure, meaning that the Wedding Venue and Conference centre will benefit from having significantly better cash flow in coming years. Alastair Fearn achieved the feat, through conducting an extensive appeal, challenging the way in which Rateable Value had been measured by the Valuation Office, managing to secure backdated refunds to 2010.

Alastair Fearn comments:

“After looking at the way in which the Business Rates were set, it was my view that the methodology used by the Valuation Office was incorrect, and I chose to appeal the approach that they had used when initially assessing the property.

It is independent companies such as Alfreton Hall that really suffer if being overcharged for their business rates, so I am very pleased at the substantial amount of savings that I have achieved for them.”

Steve Holmes, of Alfreton Hall, commented:

“As a direct result of the significant reduction to our Rateable Value we have benefited from a rebate from the Council worth tens of thousands of pounds as well as reducing our Business Rate liabilities in coming years. The reduced value as well as the refund generated will enable the Business to continue its growth plans which I am grateful to Alastair Fearn for his assistance.”

Alfreton Hall is a beautiful Heritage Grade II* listed building, and is an asset to the Derbyshire Dales, and is used as a conference centre and wedding venue.

FHP have an excellent reputation of providing thorough assessments, considering every possible avenue for savings within business rates, leaving no stone unturned.

Any occupier can appeal their rateable value. If you are interested in seeing how FHP can help you, please contact Alastair Fearn on 0115 8413913 or Alastair@fhp.co.uk.

Having been increasingly put under the spotlight within recent political manifestos and budgets, the methods of the Business Rates system have come under scrutiny. The verdict? It is an over complex, archaic system.

Business rates are a tax on property, affecting most businesses and Landlord’s in the UK. However, with the rapidly changing economy, there are criticisms that the system doesn’t match the dynamic nature of the market, and would be more poised to create fair rates if revaluations of were undertaken more frequently.

Recently the RICS have responded to the HM Treasury consultation to the business rates system with the main points being as follows.

1. As technology has advanced it seemed that the business rates system simply hasn’t followed. It is still compulsory to fill out VOA forms on paper rather than being accessible to the platform of online users which would greatly progress the system and you would think make for a smoother process for the Valuation Office.

2. The RICS have called for more frequent revaluations which have previously been every 5 years although the last revaluation period has been for 7 years. The frequency of valuations will, in theory greatly improve fairness in allowing rateable values more closely to market levels.

3. The RICS responds also calls for further route and branch review into the appeals process which in our opinion lacks both transparency and speed.
In addition to the above the final piece of the RICS response related to the complex regime of exemptions and relief that are currently in place. These are grown at piecemeal over many years as Government policy has changed and has led to an overly complex system.

Alastair Fearn comments:

“The business rate system does have significant flaws which need addressing and it is encouraging to see that HM Treasury are consulting on the issue. The problem is however how much appetite is there really from the Government to change the tax system that regularly brings in £29b per annum?

I can’t help but feel that any changes will be relatively minor, still leaving businesses and rate payers crying out for change.”

FHP are experts in the field of business rates and are experienced in saving rate payers money by reducing rateable values and successfully applying for reliefs. Any occupy can challenge their rateable value, if you are interested in seeing if we can help you please contact Alastair Fearn at FHP on 0115 841 3913 or alastair@fhp.co.uk.

We were made aware of Alastair’s in-depth and comprehensive valuation after a Residential Developer in Derbyshire, whose development required funding, presented me with a previous valuation, which was conducted by Alastair. At which point, we appointed Alastair to re-value the development site, whilst also asking FHP to join our trusted valuation panel, as we felt their high standards corresponded with our own.

We instructed Alastair Fearn to prepare a Valuation of our Office to establish both the Capital Value and also the Reinstatement cost for Insurance purposes. The figures provided have been helpful, especially with regard to the Insurance element, making sure that we have the correct level of cover.

It was a victory two years in the making for occupiers at the Village office scheme, after Alastair Fearn of FHP’s Business Rates team managed to successfully reduce their business rates, upon instructing a coordinated appeal against the Valuation Office’s assessment of the Rateable Value at the scheme.

The prestigious Village Office scheme has benefited from savings totalling £250,000, coming not only from a reduction of their rateable values, but also upon receipt of refunds for their high payments, which date back to 2010 when the last rating assessment was set. Companies to gain from the savings include the Schools Advisory Service, Rowan Construction and Sladen Estates.

Alastair Fearn commented:

“Whilst the rate applied to the office buildings at The Village was, in my opinion, too high due to the level of the rents achieved, on the face of it, the methodology adopted by the Valuation Office was sound. I was, however, of the opinion that due to the level of speculative construction in 2008 around the Junction 28 area, this had negatively affected the rental values that could be achieved at The Village.

To help form my case, I put together both take up and supply rates for offices in the area, from 2007 onwards. This illustrated that, aside from the effect of the economic downturn, the level of supply from 2008 was to such an extent that it significantly outweighed the level of demand that could be reasonably expected and would therefore have had a negative effect on rental values.”

The Valuation Office believed that, due to the prevailing high rents achieved upon completion of the office development in 2004, the Rateable Values set in 2010 should correspond and reflect this. After coordinated appeals were placed, to highlight the unsustainable aspect of the high rental values, the rateable values were successfully lowered. The reduction is also likely to have a positive impact upon the next rating review, which is to take place in March 2017.

FHP have an excellent reputation of providing thorough business rates assessments, considering every possible avenue where savings could be made.

Any occupier can challenge their rateable value. If you are interested in seeing if we can help you, please contact Alastair Fearn on 0115 8413913 or Alastair@fhp.co.uk.

Alastair Fearn has been instrumental in making sure that our investment property serves us well for years to come. Our tenant had gone into Administration and the value of our property was in free fall. We are grateful to Alastair for providing us with sound advice in relation to not only rent recovery but dilapidations and then finding a new tenant for us without needing to take the property to the market.  We now have a strong tenant who has signed a lease for 10 years which has not only restored our income stream but also the value of the property.

I have recently reviewed your valuation report and I just wanted to say I thought it was an excellent well-presented report with good transparent methodology and communication.  As a team we review 40 valuation reports a week here and it would be good if they were all like yours.  Unfortunately they are not!

• Total current income £29,000
• Future redevelopment potential
• Two tenants in place
• Office leased until June 2017
• Garage leased until April 2022
• Prominent location on Loughborough Road
• Available split or as a whole