Global Food Properties has long counseled US food plant occupiers rigorously to contest real property valuations. Plant valuations are opaque, and generally assessed imperfectly vis-à-vis depreciated new construction cost or applying random income and cap rates to conjure up an “income” value. We believe, and have so testified in property tax litigation, a thoughtful analysis of comparable sales is the most dispositive means of establishing market value for tax purposes.
So, too, can the system be challenged in the UK, where many of our clients have operations. Known there as “business rates,” the tax is owed by an occupier using a property for non-domestic commercial purposes. Local councils typically issue the business rates bill early in the new year, but as in the States, these property “taxes”- or business rates- are subject to appeal.
Driving down occupancy cost is paramount to margin stability, and business rates can have an outsized negative impact. Gerald Eve LLP and Global Food Properties are thought-leaders in food facility occupancy and transactions, and we can assist seamlessly on both side of the Atlantic:
Gerald Eve has a dedicated specialist group with 80 professionals fluent in business rates and the underlying market dynamics impacting valuations
Clients include 25% of the Financial Times Stock Index (“FTSE 100”), a listing of the UK’s largest firms by market capitalization.
Annual liability of business rate outsourcing to Gerald Eve exceeds $1.44 billion, including that of the largest taxpayer in the UK, London’s Heathrow Airport
Who you choose matters. For additional details, please contact our Co-Founder and Managing Broker, Jeffrey J. Counsell: email@example.com, +1 312 589 8844, and visit, www.globalfoodproperties.com, and www.geraldeve.com.