Edward Searle: Sam, can you start by explaining what this case was about?

Sam Walters: “This was a Valuation Tribunal appeal concerning whether a set of office floors in Hatton Garden should remain in the 2023 Rating List. The core issue was whether the property was still capable of beneficial occupation — and therefore liable for business rates — given the extent of works that had been carried out.”

Philip Legg: What are the industry implications of rising fit-out costs?

Henry Edwardes: “Rising fit-out costs are widening the gap between best-in-class and secondary space. For occupiers, that means higher capital expenditure, longer decision-making cycles and more scrutiny on whether every square foot is delivering value. For landlords and developers, it reinforces the need to invest in quality, sustainability and technology if they want to remain competitive in a market where occupiers are becoming far more selective.

As fit-out costs continue to rise, more landlords are offering Cat A+ space to help reduce occupiers’ upfront capital expenditure and make buildings more attractive in a cost-sensitive market.

From a business rates perspective, the rising cost of fit-out results in Landlords demanding higher rental values which in turn could increase the levels of Rateable Value and rates payable following revaluations.”

Commenting on the decision, Sam Walters, Co-Founder of ForeView, said:

“This is a hugely important decision for developers and investors dealing with refurbishment and redevelopment projects. The tribunal has been clear that properties cannot be brought back into rating on the basis of ‘almost complete’. The law requires full completion and readiness for occupation – anything less is simply not rateable. This result reflects ForeView’s deep specialism in properties undergoing works and our ability to successfully challenge increasingly aggressive attempts to reinstate assessments prematurely.”

Gerry Connolly of Cogent Real Estate acting on behalf of GMC Capital, said: “We engaged ForeView to advise us in respect of our rates strategy due to their stand out expertise in the world of business rates. With no shortage of skill, persistence and experience, ForeView have successfully executed on that strategy, which has produced substantial savings for GMC. Those savings have been reinvested into the property via the significant capex project we have undertaken to modernise the unit and we are hopeful of securing a new tenant for the premises shortly”.

This ruling represents a significant win for ratepayers nationwide and further cements ForeView’s market‑leading expertise in ‘property undergoing works’ appeals, an area of increasing scrutiny by the Valuation Office Agency. ForeView continues to act nationally for developers, investors and asset managers on complex non‑domestic rating matters, securing substantial savings through specialist tribunal advocacy.

• Collaborate closely with our market leading data and surveying teams to identify opportunities for new business development.
• Clearly communicate our targeted messaging to our refined prospect list. Emphasis being placed on the value-add we can create on these opportunities.
• Arrange meetings through consultative, telephone-based outreach and conduct needs analysis for targeted prospects.
• Join select client calls and meetings alongside market leading surveyors.
• Drive signed terms and conditions for both current and upcoming Rating lists, across new and existing clients.
• Represent the ForeView brand with professionalism and integrity.
• Significantly upskill your knowledge and expertise of property tax through close working relationships with all employees at ForeView including the founders.
• Collaborate with surveyors and Directors to ensure effective, high-quality client interactions.
• Use market insight and collaborate with internal teams to source and qualify leads.

To apply, send your CV to info@fore-view.co.uk

We’re excited about the meaningful projects ahead and look forward to keeping you updated as we continue our work with St. Luke’s and support the South Islington community.

This is part of a broader plan to change Business Rates in England from 2026 – 2029. The 2023 Non Domestic Rating Bill brings in the annual compliance return which places significant burden on ratepayers to follow a new compliance regime from 1 April 2026.

Ratepayers will also become responsible for notifying the VOA of any changes to their property or to the occupier, their lease or rent with 60 days of the event. For businesses where trade is used in their property valuation, such as leisure and hospitality businesses, trade will be required to be submitted annually.

The idea of this is to enable the VOA to revalue properties more frequently in a move that Carolyn Bartlett,  Chief Strategy and Transformation Officer at the VOA, believes will ‘Make the system fairer’ by reflecting market fluctuations more frequently.

From 2026

The VOA aims to improve how information on a property valuation is shared and properties registered with the Check, Challenge and Appeal system will be able to request information as to how their property is valued and how this compares with other comparable properties. This will help Ratepayers to understand how the VOA have arrived at a value.

From 2029

In the second phase of these changes, the draft publication of the 2029 Rating List will include valuation evidence and the type of transaction used to arrive at a value.

Secondly, in order to speed up and simplify the process, changes are planned for the Check, Challenge and Appeal system for 2029.   

Have any questions? Please contact our expert team at ForeView.