Comprehensive Rating Consultancy for The Trafford Centre Introduction
Dunlop Heywood was appointed to provide rating consultancy services to The Trafford Centre Ltd following the government's announcement of the 2023 rating revaluation. This case study highlights the successful management of rates liability, a thorough rates audit, and effective rating valuation services for one of the UK's largest shopping centres.
- Valuation Date: 1 April 2021
- Initial Assessment: Identification of a 2017 rating list appeal opportunity due to the closure and redevelopment of the former Debenhams
- Pre-Agreement Discussions: Reduction in assessments effective from 1 April 2023
Client Overview
The Trafford Centre is a premier regional indoor shopping centre and entertainment complex located in Manchester. Opening in 1998, it stands as the third-largest shopping centre in the United Kingdom by retail space. The centre, like much of the retail sector, has been navigating the recovery from the Covid-19 pandemic, necessitating precise and effective rates management.
Project Scope
Dunlop Heywood's engagement involved delivering a comprehensive suite of rating consultancy services, including:
- Rates Liability Management Service
- Rates Audit Service
- Rating Valuation Service
Given the impact of the pandemic on the retail sector, it was essential to pre-agree rating assessments with the Valuation Officer to avoid prolonged appeal processes and ensure budget certainty for The Trafford Centre Ltd and its numerous retail tenants.
Strategy and Execution
Dunlop Heywood implemented a strategic approach to address the client's needs, focusing on pre-agreement with the Valuation Officer to expedite the process and secure financial stability.
Key Actions:
- Identification of Appeal Opportunity: Recognised a significant 2017 rating list appeal opportunity following the closure and redevelopment of the former Debenhams.
- Expert Evidence Submission: Provided detailed rating valuation evidence to the Valuation Officer within the specified valuation date context.
- Negotiation: Engaged in pre-agreement discussions with the Valuation Officer, leading to substantial reductions in assessments across the scheme.
Key Achievements
Dunlop Heywood's engagement with The Trafford Centre resulted in significant financial benefits, underscoring our expertise in rating consultancy.
Notable Achievements:
- Substantial Rate Savings: Achieved significant reductions in non-domestic rates for the 2023 rating list, providing budget certainty and avoiding lengthy appeal processes.
- Optimized Cash Flow: Streamlined the rates liability management and payment process to enhance cash flow efficiency.
- Historic Savings: Secured substantial refunds through an audit of historic payments and assessments.
Conclusion
Dunlop Heywood's strategic consultancy and expert negotiation skills delivered substantial financial savings for The Trafford Centre Ltd. By pre-agreeing rating assessments and conducting a comprehensive audit, we ensured budget certainty and optimized cash flow for the client and its tenants.
This case study exemplifies our commitment to delivering exceptional rating consultancy services tailored to meet the specific needs of our clients, particularly in the challenging post-pandemic retail environment.
For more information on our rating consultancy services or to discuss how we can assist with your property needs, please contact us.
