Project summary
- Bridgemere Group acquired these former Lloyds Bank HQ offices in April 2024 in a joint venture with Blueoak Estates to convert the premises into 176 residential apartments
- The buildings extend to approximately 105,000 sq ft and had been vacant since Lloyd Bank's relocation to Chester Business Park in 2019
- Fisher German (FG) were instructed to advise on the potential deletion of the 2 existing rating assessments, RV£735,000 and RV£645,000 given the proposed redevelopment to residential use
Solution
- FG advised Bridgemere/Blueoak on all the criteria that needed to be met to ensure the deletion of the assessments
- Our case was then submitted to the Valuation Office Agency (VOA) with all the necessary accompanying evidence
Benefits
- Following discussions with the VOA, they agreed to delete the assessments from the earliest permissible stage resulting in rates savings of approximately £634,000 for the 2024/25 tax year
