The Challenge
A university college located in London, was the subject of an appeal concerning whether the property should be valued on a rentalised basis or on a Contractor’s basis.
We provided representation throughout the negotiations and discussions involved in the full appeals process.
The Solution
It was argued that the property in question possessed all the characteristics of a campus-style university. Supporting evidence was provided, referencing other further education institutions in London that had been valued using the Contractor’s method.
Given the substantial disparity between the two valuation approaches, the matter was brought before the Valuation Tribunal for England.
The Result
The Tribunal found in favour of the Client which led to a reduction in the rateable value from £950,000 to £162,000. This produced savings for the University in excess of £337,000. Subsequently, a Valuation Tribunal Hearing also found in our favour, which supplemented the overall result with additional savings.
Rateable Value Savings Summary
Value before
£950,000
Value after
£162,000
Saving
£337,778*
* Actual savings during revaluation as a result of rating list reduction.
