The work of DTZ’s rating and statutory valuation team to reduce Central Milton Keynes Shopping Management Co. Ltd’s business rates liability for the 2005 Rating List.
Overview
DTZ were appointed by the client to provide advice on their non-domestic rating interests and to maximize any opportunities to mitigate their rates liabilities.
What DTZ did
DTZ’s approach centred on rating appeal and rates management work.
The team’s task was to undertake a programme of rating appeals with the Valuation Office, to identify what parts of the centre were rateable and to apply a suitably discounted rate to the value, partly based on rental value, partly income-based for the management of the various parts.
Results
DTZ has successfully acted on the 1995, 2000 and 2005 Rating Lists for this client.
For example, the landlord’s residual parts of the centre (malls, management offices etc.) were assessed at RV £440,000 on the 2005 List and have been negotiated down to £335,000. The work carried out by DTZ’s rating team has resulted in significant savings to the client.