Significant Business Rates Reduction for Retail Unit in Iconic Buttermarket Building
Monday 24 May 2021
Flude Property Consultants have recently completed a Business Rates Challenge and secured a significant reduction for unit 4 in the iconic Buttermarket in Chichester City Centre.
The assessment originally stood at £75,000 and after lengthy negotiations a reduction of £35,000 was arranged. The property now has a Rateable Value of just £40,000. The Valuation Office Agency (VOA) backdated the reduction to the start of the current Rating List, the 1st April 2017.
The backdated reduction generated a saving of approximately £17,000 per annum before reliefs. The lower Rateable Value is an attractive feature for a prospective tenant. We are currently marketing the unit and further details can be found on our website.
The Buttermarket is a Grade II listed building and stands on Chichester’s fully pedestrianised North Street. Formerly known as Market House, the building was built in 1808 for market traders who had been trading at the Market Cross. In 1980, it was extended to include an upper floor, which is currently occupied by Bills. The building is noted for its special architectural and historic interest and was refurbished in 2011 to provide the current layout.
Our business rates expert, Daniel Green, commented, ‘I am delighted with the outcome, which was possible because of FPC’s knowledge of the Chichester retail market. In a challenging economic climate, and the situation regarding retail rate relief until beyond March 2022, it is more important than ever for occupiers and landlords to ensure that they are not paying too much’.
