15 Jan 20 by Rebecca Cook
Vickery Holman have successfully agreed a period of 3 months Empty Property Rates Relief for a large vacant retail unit in Penzance, resulting in a total of £7,300 in business rates savings over 3 months!
Acting on behalf of a local investor, the prominent three storey retail unit in Penzance had recently been acquired as a potential development opportunity. The property was to remain vacant whilst the owner occupier considered its plans for the building, during which time they were paying 100% of the business rates liability. Vickery Holman were able to advise on a strategy to mitigate their client’s liability whilst the property remained vacant and secured 3 months Empty Property Rates Relief.
Rebecca Cook, Chartered Valuation and Rating Surveyor in the Truro office commented “Business rates are a significant outgoing for occupiers of commercial property. When a property first becomes vacant there is an initial 3 month period of rates relief (6 months for industrial premises), after which the occupier will be liable for full business rates. This can be a substantial burden. Our role as rating professionals is to advise our clients on the accuracy of their business rates assessments and mitigate their liability where possible. £7,300 is a large saving which will help towards our clients plan to redevelop the property”.
Vickery Holman have a dedicated team of chartered surveyors who have the knowledge and expertise to advise of potential strategies to mitigate your business rates liability when properties are vacant, or partially unoccupied. If you have an empty commercial property or require general business rates advice, please contact a member of the business rates team.