CVS Surveyors Royal Liver Case Study

CVS saved us time and money

Peter Fane, Senior Property Fund Manager, Royal Liver Assurance

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Royal Liver

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Royal Liver Assurance

Savings of £119,510

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“CVS saved us time and money and took the hassle out of what could have been a complicated process.”

Peter Fane, Senior Property Fund Manager, Royal Liver Assurance

Royal Liver Assurance occupies a Grade I listed building on the waterfront of the Mersey. It is one of Liverpool’s famous ‘Three Graces’ buildings along with the Cunard Building and the former offices of the Mersey Docks and Harbour. CVS was instructed by Royal Liver Assurance to assess whether the rates being charged on the property’s office space were fair and accurate.

Results

A specialist team from CVS conducted a detailed analysis of rents across the building. Using this evidence, CVS was able to make a compelling case for rates reduction to the Valuation Office Agency (VOA). CVS was able to secure a reduction in the rate per square metre applied with a further reduction allowance for the interior layout. This resulted in a saving for Royal Liver Assurance in excess of £119,000 over the life of the business rates cycle.

CVS Comment:

“Rates are a major overhead – typically the third highest after wages and rent. The good news is that you don’t have to accept your existing rates bill and can appeal it. The Royal Liver Building is an important part of the fabric of Liverpool and so too is Royal Liver Assurance. Helping the company save money was a fantastic result.”

Joe Thornborrow, Rating Consultant, CVS