Challenge

Following the acquisition of a £13M office park in Bracknell for the purposes of conversion to a £32M residential scheme, a Check submission was required to correctly ascertain the RV of the property. Select Developments was faced with on-going business rates payments until the outcome of the appeal.

Solution

The Business Rates Team at Altus Group were able to negotiate a suspension of business rates payments whist submitting a Check application to VOA to ultimately reduce the business rates liability to nil. The outcome of the appeal was successful, which combined with the payment suspension, resulted in project cash-flow savings, from month one, of circa £50,000 per month or £600,000 over the course of the development period.

Results

£600,000 savings

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