Addressing or Clients Needs
The instruction related to a converted warehouse into a Fitness Health Centre. The property was assessed by the Valuation Officer in the 2010 Rating List with a Rateable Value of £75,000.
The Valuation Officer sought to defend these assessments by reference to the passing rent of the subject at £75,000 and lettings of Gyms and Fitness Centres in the locality. We were able to produce evidence to support a reduced assessment based on the values on other properties in the locality at 1 April 2008 and the changes in effect at 1 April 2010 with change to the local bus route due to a residential development nearby. Subsequently other gym premises opened in the town and we secured reduced assessments reflecting the additional competition in 2011 and 2013.
The outcome resulted in the rateable value of the property being reduced to £51,500 in the 2010 list £48,500 in 2011 and £40,000 in 2013, producing savings for the client over the 5 years till 1 April 2015 in excess of £65,000.
About Altus Group
Altus Group Limited is a leading provider of independent advisory services, software, and data solutions to the global commercial real estate industry. Our businesses, Altus Analytics and Expert Services, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain market insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,300 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include some of the world’s largest real estate industry participants across a variety of sectors. Altus Group pays a quarterly dividend of $0.15 per share and our securities are traded on the TSX under the symbols AIF and AIF.DB.A.