DWD are instructed as an advisor to Blackstone in respect of their rate liabilities over the course of the 2017 Rate List.
We were asked to provide advice at Queen Victoria Street following the Supreme Court’s decision in Woolway v Mazars. A tenant occupied several floors within the same building, with each floor having been separately assessed by the Valuation Office in line with the Court’s decision.
We provided strategic advice to assist both the landlord and tenant in mitigating the business rates liability in the building. We provided several options via amendments to the leasing structure in the building along with physical adaptations that would allow the assessments to be re-merged in line with the latest legislative changes. Due to the effect of quantum on the rate applied, we advised that merging the assessments would produce a much lower aggregate level of rateable value and thus, rates savings.
Following the 2017 Autumn Budget, future legislation is expected to reverse some of the effects of Woolway v Mazars. The matter remains under consultation.
Please contact Alan Vickery for further information.