CVS Surveyors reduce business rates for Bucks New University

we no longer worry that the rates we pay are too high or unfair.

David Bulbeck, Financial Controller, Buckinghamshire New University

Request a callback

Buckinghamshire New University

 / 
Buckinghamshire New University

Savings of £51,480

Download Case Study

"We have suffered with increasingly high business rates for some time now, but after instructing CVS to see if a reduction was possible, we no longer worry that the rates we pay are too high or unfair. We would certainly recommend CVS to others looking to pay fair and accurate rates."

David Bulbeck, Financial Controller, Buckinghamshire New University

Within a caring and supportive environment, Buckinghamshire New University delivers high-quality scholarship, as well as focused research and professional practice. Its mission is to put the students first and to work responsively with the very best partners to influence, inspire and nurture talent for professional and creative careers.

Results

CVS has worked for many University property portfolios in the past, and it is vital to understand the complexities of this type of appeal. CVS Surveyor, Philip Emerick, conducted a thorough inspection and compiled enough detailed evidence to prove that an £18,000 reduction was viable. This was accepted by the Valuation Office Agency (VOA) and will in turn, generate savings of over £51,000 for the University across the seven year Rating List.

CVS Comment:

"The University Campus is a collection of mixed age buildings located in a prominent position, including a ‘State of the Art’ contemporary structure known as ‘The Gateway’ which houses a library, sports hall, function rooms and more.

The method of valuation is the contractors test method. The valuation is based upon the depreciated replacement construction costs. So the first part of this process was to identify the buildings which constituted the hereditament, establish their age, size, construction and use. In this case we were greatly helped by our Client who had prepared a comprehensive schedule of their real estate.

We then carried out a thorough investigation of the original assessment to ensure that it was in line with the construction indices, the actual properties comprising the University, and also that it reflected the values arising from national negotiations for universities.

The site itself is in a compact urban location adjacent to a busy highway which is another factor that needed to be considered. After due diligence and preparing a revised valuation, we were able to agree a reduction by negotiation with the Valuation Office Agency."

Philip Emerick, Rating Director, CVS