Retail

Introduction

Rental values have continued to fall in most retail locations since the last revaluation on 1st April 2017. There has been a shift from traditional leases to turnover based rents for many occupiers. The events of 2020/21 have resulted in an increase in forced closures and vacancy levels on high streets. It is anticipated that there will be a bounce back as a result in pent up demand but footfall in City centre locations remains subdued. With the exception of food & grocery occupiers along with DIY and Garden centre operations, we anticipate Rateable Values will fall at the next revaluation on 1st April 2023. We provide advice to a wide variety of retail occupiers and landlords. The case studies below illustrate some of the work we have done in this sector:

Case Studies

Client John Lobb Location 9 St James’s Street, London Service Rating Appeal Service Result Following appeal discussions with the VOA, savings in the region of £60,000 secured across the life of the 2010 Rating List

Client Metro Bank Location National – 80 branches Service Full Business Rates Service Result 80 successful appeals and relief application completed generating savings of £3.6 million

Client Aviva Investors Location National – 147 locations Service Full Business Rates Service Result Providing advice across Aviva’s national retail portfolio we secured savings over £1m in the first 18 months of being instructed

Client Quintain Location Wembley, London Service Full Business Rates Service Result Since 2013 secured total savings of £2.2 million