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News Release

London

Rating agents reach agreement with Valuation Office Agency in Bracknell


An agreement between the Valuation Office Agency (VOA)  and rating agents led by Jones Lang LaSalle and GVA has been reached that will see the following reductions to office assessments in the 2005 Rating List in Bracknell between 30th May 2009 and 31 March 2010 to reflect market oversupply:

Best quality - 7.5%
Average quality - 5%
Poor quality - 2.5%

Phillip Jay, director in Jones Lang LaSalle’s Rating team, who led the discussions for the Rating agents, said: “This is the culmination of more than two years of discussions between the VOA and private practice and will see occupiers of office buildings in central Bracknell receive business rate refunds early in the new year as appeals are settled.”
 
Howard Neal, director in GVA’s Rating team, added: “We are delighted to be able to have reached agreement following long and complex negotiations with the VOA, which will see many businesses receive savings not only in 2009/10 but also in 2010/11 and 2011/12 due to the workings of the government’s transitional schemes.”

- ends -
 
Notes to Editors
 
Valuation & Legal Framework
 

Oversupply appeals were made in March 2010 on the grounds of a material change in circumstance.  Discussions between the VOA and the agents consortium commenced in September 2010 and were concluded on Friday 7th December 2012.

 
The physical factors that can be taken into consideration at the material day in relation to appeals citing a ‘Material Change of Circumstance’ are governed by the Local Government Finance Act (LGFA) 1988 (as amended), and are as follows;
 
Schedule 6 paragraph 2 (7)         
    
The matters are-

 

(a) matters affecting the physical state or physical enjoyment of the   hereditament,
(b) the mode or category of occupation of the hereditament,
(c) the quantity of minerals or other substances in or extracted from the hereditament,
(c the quantity of refuse or waste material which is brought onto and permanently deposited on the hereditament,
(d) matters affecting the physical state of the locality in which the hereditament is situated or which, though not affecting the physical state of the locality, are nonetheless physically manifest there, and
(e) the use or occupation of other premises situated in the locality of the hereditament.”

 

 
For the purpose of the appeals relating to Oversupply in the Bracknell office market the schedule 6 factors to be assumed are those in (d) and (e) above and included newly (post 01 April 2005) constructed offices whether vacant or occupied, and vacated space previously occupied. 

 

 

 

During the discussions it was necessary to ascertain the likely effect on value, if any, by applying the Material Day matters above to the Antecedent Valuation Date (AVD) of 01 April 2003.

 

The matters to be considered at the AVD include general economic conditions, interest and inflation rates and rental levels relating to the hereditatments in question.
 

 

During the relevant period new grade A space was created through the construction of new buildings and refurbishment of existing buildings.
 
Other agents who contributed to the above negotiations
Baker Davidson Thomas Howard Elliott
DTZ Mark Henderson
GL Hearn David Hackett
Hicks Baker Linda Staker
Lambert Smith Hampton Paul Nash
Vail Williams Richard Jones