CVS Surveyors Case Study Closed Loop Recycling

A dedicated and focused effort, with a fantastic outcome.

Alan Scott, Financial Controller, Closed Loop Recycling

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Closed Loop Recycling

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Closed Loop Recycling

Savings of £154,245

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"We are incredibly impressed by the service and results provided by CVS. The process itself was effortless on our part: our Surveyor, Adam Handley, carried out a full inspection of the premises. He could have ended it there, as he found that the initial assessment was indeed correct. However, he didn’t give up and instead, analysed the Lease until he found grounds to base a reduction on. A dedicated and focused effort, with a fantastic outcome. We would certainly recommend CVS to other businesses."

Alan Scott, Financial Controller, Closed Loop Recycling

Closed Loop Recycling produce food-grade recycled PET and HDPE from plastic bottle waste. The original plant in Dagenham re-processes 35,000 tonnes per year of mixed plastic bottle waste which would otherwise be exported for recycling, or sent to landfill. Closed Loop Recycling instructed CVS to see if savings could be made on their Rateable Value.

Results

Our Surveyor carried out a very thorough property inspection and rent review on the Dagenham based Factory and Office premises of Closed Loop Recycling. Even though our Surveyor agreed with the initial assessment carried out by the Valuation Office Agency (VOA), he was able to prove that there was a case for a reduction for this client after analysing the Lease. This led to a successful outcome for Closed Loop Recycling, and over the seven year Rating List they have saved in excess of £153,000.

CVS Comment:

“Following a full measured inspection of the hereditament it was agreed the VOA’s summary of the 2010 valuation was factually correct. However, after analysing the Lease it was evident that the client had part-purchased the site through premium contribution meaning that in the long run, the client would own the property. The Valuation Officer was made aware of this and the adopted base rate which was founded on the Open Market. As such, I proposed an adjustment to the rent, with regard to the reverse premium paid. Successful negotiations followed with the Valuation Officer, leading to a reduction in the rate per m2, which in turn significantly reduced the Rateable Value and generated significant savings for Closed Loop Recycling.”

Adam Handley, Senior Surveyor, CVS