Knight Frank has set up a business rates team at its South Wales office in Cardiff Bay.
It is headed by new regional head of business rates Sarah Williams, who has returned to South Wales after having been a member of Knight Frank’s London-based ratings group for the past two years.
Williams said: “The outcome of the recent 2005 rating revaluation by the Valuation Office on behalf of the government is beginning to be felt by businesses up and down the country.
“For many, the outcome will have a dramatic effect on their bottom line because many businesses and commercial property owners have been landed with huge hikes in their rate bills, based on new values attached to their buildings and land.
“The rate burden can amount to 50 % of rent you pay on a commercial property.”
Williams explained that the position in Wales is even more difficult for a number of businesses because, unlike the position in England, the increases are being enforced immediately and will not be introduced on a transitional basis.
The 2005 rating revaluation is the fourth time in 15 years that all commercial properties have been revalued.
The 2005 rating list assessments have been completed to reflect the changes in the rental markets that have occurred from 1998 up to the new valuation date of 1 April 2003.
Tony Nicholas, head of Wales and the west at Knight Frank, said: “Sarah’s role completes the team at the office, and fulfils our intention to provide every aspect of commercial property advice from our office in Cardiff.”
References: EGi News 07/06/05
