27 June 2024
SHW completes Fenwick’s final 2017 Rating List business rates appeal
Business Rates, Commercial, Industry News, Retail & Leisure, SHW News
SHW has successfully completed the final business rates appeal for Fenwick under the 2017 Rating List.
The largest family-owned group of department stores in the United Kingdom, Fenwick opened its first department store in 1882 on Northumberland Street in Newcastle and has been trading successfully for over 140 years.
Under the 2017 Rating List, SHW was instructed to advise on and challenge the levels of the rateable values on all of Fenwick’s nine UK department stores – comprising over 1.6 million sq ft of retail accommodation, from Newcastle in the north to Canterbury in the south.
After consultation with the client, SHW lodged challenges (appeals) against the level of the existing 2017 Rateable Values (RV) on each of their nine department stores and we were 100% successful in securing RV reductions on every single one.
The sum of the original 2017 RVs totalled £16.725m. But as a result of SHW’s advice and action, this total was reduced on appeal to £13.055m, equating to a 21.94% reduction across the portfolio and leading to Rates Savings to the client of almost £6.45 million over the lifetime of the 2017 Rating List.
Roger Dunlop, Director of SHW says: “At SHW we specialise in providing sound, commercial advice on all matters relating to business rates and, as you can see, we have a proven track record of success. Get in touch with us today if you need advice on how to minimise the level of business rates that you pay.”
email: rdunlop@shw.co.uk
mobile: 07946 683855
