Rating List Shake-Up: New Hope for Landlords of Empty Industrial Properties

For the first time since the landmark Supreme Court ‘Monk’ decision, the Valuation Tribunal has opened the door for industrial properties to also be deleted during building works (or reduced to RV £1) following a newly published decision.

Until recently, only offices incapable for use due to building works would likely be deleted from the Rating List by the Valuation Office Agency (VOA).

Now, thanks to the decision reached in BNPPDS(J) LIMITED and BCI LIMITED v Hitchings, a warehouse has now been reduced to £1 after it was stripped back to shell: capping of all services, removal of strip lighting and existing power/wiring throughout (including ancillary offices) and installation of temporary lighting for contractors with installation of new windows and doors (including roller shutter doors).

The Valuation Tribunal has made it clear that their decision was made on the particular facts of the case and has left sufficient scope to appeal. However, this now gives landlords the opportunity to appeal to VOA on building works that have occurred on industrial property, backdated to 1st April 2023.

Please do get in touch if you have industrial property that has or is undergoing refurbishment works, as we may be able to mitigate your rates liability. Contact the team on +44 (0)20 3393 3314 or info@quoinstone.consulting.