Rippleglen
An estate of 166 retail properties throughout England and Wales

Article by

Andrew West
Director
Business Rates

(029) 20 346346

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THE PROBLEM

  • Reasonable levels of business rates are vital to the viability of individual shops

THE SOLUTION

  • Cooke & Arkwright considered valuations of each shop within the estate throughout mainland UK.
  • Appeals were made and reasoned valuations presented to the Valuation Office Agency, having regard to comparable rents and assessments.
  • Cooke & Arkwright's membership of the Rating Surveyors' Association provided comprehensive evidence with which to mount sustained challenges to each appeal and a co-ordinated approach to negotiations in each location.

THE RESULT

  • Our professional, structured approach ensured that valuations were prepared on each property prior to submission of an appeal.
  • The result of this careful preparatory work was reductions in assessments; crucially none increased as a result of our comprehensive review.
  • Our resources and thorough approach enabled us to provide first class advice on a large estate throughout mainland UK
  • The rate liabilities have been reduced by 10% contributing to the profitability and viability of many shops.

Cooke & Arkwright have been providing rating valuation advice to The Welsh Rugby Union Limited (“WRU”) and Millennium Stadium plc for many years. They were recently successful in achieving substantial reductions in the assessments of the Millennium Stadium, covering both the 2005 and 2010 rating list. These negotiated reductions yielded savings of c.£3.5m which, crucially, allows the WRU to re-invest in rugby throughout Wales. They advise the WRU across the group portfolio including the National Centre of Excellence in the Vale of Glamorgan. The valuation issues across the WRU portfolio are complex requiring a high level of understanding of the funding and finances of professional sport in Wales. Cooke & Arkwright’s experience and understanding of these issues and application to the rating valuation have yielded these substantial negotiated reductions. The WRU and the Millennium Stadium entrust our work to organisations with the required levels in experience and expertise in dealing with these complex issues. I am glad to say we have this expertise in Wales. I would have no hesitation in recommending ratepayers making use of this Welsh based expertise.

Steve Phillips, Group Finance Director, Welsh Rugby Union Group