Art gallery reduces its business rates with RVA Surveyors
Case study:
Art Gallery | London
Art gallery based in London, dedicated to showcasing the work of both established and emerging artists.
KEY
FACTS
FOUR MONTHS
ACHIEVED IN
£13,763
SAVINGS
Retail
PROPERTY TYPE
The Client
Our client operates from an office property located within Reliance Wharf in the London Borough of Hackney. These offices are essential for their daily business operations.
Our client is a contemporary art gallery based in London, dedicated to showcasing the work of both established and emerging artists. Given the financial impact of their business rates, ensuring accurate valuations was a key priority.
The Problem
After the Valuation Office Agency’s (VOA) initial assessments we identified issues with the total measured areas and the applied pricing. The property had been incorrectly valued, with the office assuming the presence of air conditioning, despite it not being installed.
Additionally, all offices were placed within a general valuation scheme for offices in Hackney, adopting a higher price per square metre than necessary. These errors led to an inflated Rateable Value (RV), increasing the client’s business rates liability.
The Solution
After RVA Surveyors conducted an on-site inspection, we submitted a ‘Check’ under the Check, Challenge, Appeal (CCA) process to update the total measured areas and adjust the pricing to reflect the absence of air conditioning. The VOA accepted our revised areas on 30/05/24, reducing the RV from £62,500 to £59,500, but maintained that air conditioning was present.
We then provided further evidence confirming the lack of air conditioning, leading to a subsequent reduction in the RV to £54,000 on 05/09/24.
While awaiting this review, a new valuation scheme specific to offices at Reliance Wharf was introduced, offering a lower price per square metre. We submitted a final ‘Check’ requesting reassignment of the offices to this scheme, which was accepted on 29/10/24, further reducing the RV to £46,500.
The Outcome
Through this process, we achieved a significant reduction for our client’s business rates liability.
The revised valuations ensure that future assessments accurately reflect the true position of the gallery’s premises.
Savings achieved: £13,763
Surveyor comment
“It took three Check attempts to get this resolved, but it was well worth it. The client now has a fair valuation and reduced business rates, making the effort worthwhile.”
