CVS Surveyors Temple Bar and Restaurant Case Study

We instructed CVS to see if our increasing business rates bills could be reduced, and we were extremely impressed by the service and the result.

Mahbur Alam, Director, Temple Bar and Restaurant

Request a callback

Temple Bar and Restaurant

 / 
Temple Bar and Restaurant

Savings of £57,064

Download Case Study

“Competition in the restaurant industry is at its highest, so it is important to make sure that overhead costs are as low as possible so that we can remain competitive in the marketplace. We instructed CVS to see if our increasing business rates bills could be reduced, and we were extremely impressed by the service and the result. We would certainly recommend them to other businesses!”

Mahbur Alam, Director, Temple Bar and Restaurant

The Temple Bar and Restaurant offers diners a unique culinary experience. Located in the prestigious address of Tudor Square, the Temple Bar and Restaurant offers a fresh, contemporary look with rich vibrant colours and a stylish interior to match.

Results

The Temple Bar and Restaurant instructed CVS to see if savings could be generated by reducing their Rateable Value, as they were concerned that they were paying more in business rates than in rent. CVS managed to secure a great reduction on the site in Tudor Square, Hertfordshire, and savings in excess of £57,000 will be returned to the Client across the seven year Rating List.

CVS Comment:

“Prior to my inspection, I noticed that the rental value was lower than the Rateable Value by almost half. This was a strong indication that the Rateable Value on the premises might be excessive. As I carried out the inspection, I noticed that the restaurant was set back away on its own from the main footfall area, which would explain the reduced rental value. Upon further research, it became apparent that a nearby restaurant had recently been agreed at a similar level to the price per m2 of the rent assigned.

Following discussions with the Valuation Office Agency, I proposed that Temple Bar and Restaurant’s assessment be converted from being based on a ‘zoned’ retail unit to being based as an overall restaurant, which in turn, would reduce the Rateable Value. It certainly helped that I was already very familiar with the local area and had a solid understanding of the value of other restaurants nearby. A great reduction was achieved, which in turn, will generate savings for the Client of over £57,000 across the seven year Rating List.”

Michael Clayton, Surveyor, CVS