Expert Rating Consultancy for Edinburgh Airport
Dunlop Heywood was appointed to provide rating consultancy services to Edinburgh Airport following the announcement of the 2023 rating revaluation. This case study illustrates our successful approach to managing rates liability, conducting a rates audit, and providing a rating valuation service for one of Scotland's key international airports.
- Tone Date: 1 April 2022
- Pre-Agreement Valuation: NAV £9,500,000
- Previous Valuation Roll Assessment (2017): NAV £12,400,000
Client Overview
Edinburgh Airport is a major international airport located in the Ingliston area of Edinburgh, Scotland. Like much of the aviation sector, the airport's business was significantly affected by the Covid-19 pandemic, making effective rates management essential for financial stability.
Project Scope
Dunlop Heywood was tasked with delivering comprehensive rating consultancy services, including:
- Rates Liability Management Service
- Rates Audit Service
- Rating Valuation Service
Given the challenges posed by the pandemic, it was crucial to pre-agree the rating assessment with the Assessor to ensure budget certainty and avoid a protracted appeal process.
Strategy and Execution
Dunlop Heywood developed a meticulous approach to meet the client's needs, focusing on pre-agreement with the Assessor to expedite the process and secure financial predictability.
Key Actions:
- Expert Evidence Submission: Provided detailed rating valuation evidence to the Assessor within the specified tone date context.
- Negotiation: Engaged in negotiations with the Assessor to reach a pre-agreement on the new valuation.
- Audit of Historic Payments: Conducted a thorough audit of past rates payments and assessments to identify potential savings.
Key Achievements
The engagement with Edinburgh Airport yielded significant benefits, demonstrating Dunlop Heywood's expertise in rating consultancy.
- Substantial Rate Savings: The pre-agreement reduced the airport's NAV from £12,400,000 (2017 valuation roll) to £9,500,000, generating substantial savings in non-domestic rates throughout the 2023 valuation roll period.
- Budget Certainty: Achieved financial predictability by avoiding a lengthy and costly appeal process.
- Optimised Cash Flow: Simplified the rates liability management and payment process, enhancing cash flow efficiency.
- Historic Savings: Identified and realized substantial savings through an audit of historic payments and assessments.
Conclusion
Dunlop Heywood's strategic consultancy and expert negotiation skills resulted in significant financial benefits for Edinburgh Airport. By achieving a pre-agreed rating assessment and conducting a comprehensive audit, we secured substantial savings and ensured budget certainty for the client.
This case study exemplifies our commitment to delivering expert rating consultancy services that meet client needs, particularly in challenging circumstances such as those faced by the aviation sector during the Covid-19 pandemic.
For more information on our rating consultancy services or to discuss how we can assist with your property needs, please contact us.
