Invensys

Original 2005 Rateable Value – £670,000
Agreed 2005 Rateable Value – £465,000

The Valuation Office had valued this building with other estate-based offices falling within the ‘purpose built’ office scheme. The system of batching types of buildings in to schemes is adopted by the valuation office, which results in a ‘broad-brush’ approach to valuation. The reality of commercial property is that building maybe built within a particular period in time, but their design and specification can vary dramatically.

The subject property is of mid-tech B1 design consisting of storage on the ground floor incorporating high office content on both the ground and first floors. After much discussion and consideration of comparable evidence, the VO and Bisset Moffatt Hill agreed that the unit should not be valued on the main purpose built office scheme and valued on more individual basis, according to its B1 nature. This resulted in the substantial level of reduction secured.