Aprirose – Appeal to zero-rate Holborn Central following refurbishment works
Project Introduction
Real estate investment company Aprirose appointed Daniel Watney to mitigate the empty rates liability following their acquisition of Holborn Central. The island site above Holborn tube station comprised of approx. 70,000 sq ft of vacant office space with some ground floor retail let to tenants such as Vodafone and Crispy Kreme.
Our Role
Before any instruction we carry out a thorough due diligence of the rating assessments
We set out a proposed strategy to mitigate the empty rates liability and the potential savings
The agreed strategy is implemented with DW liaising with the Valuation Office Agency and billing authority on the client’s behalf
Upon securing a rates rebate DW reports the total savings in liability.
Result
Daniel Watney successfully reduced the Rateable Value to £0 following refurbishment works, significantly reducing the holding cost for the landlord while the property was marketed to let. The total savings in empty rates liability achieved on this building exceeded £800K.
Shortly after the refurbishment was completed the property was sold to the Hagag Group, a property company based in Israel, for £52m.
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