Business rates slashed at iconic Chichester premises

Business rates at an iconic Chichester business premises have been significantly reduced following a challenge by a property consultants.
By Joe Stack
Published 28th May 2021, 11:04 BST
Updated 28th May 2021, 11:06 BST
Grade II listed Buttermarket in North StreetGrade II listed Buttermarket in North Street
Grade II listed Buttermarket in North Street

Flude Property Consultants (FPC) recently completed a business rates challenge and secured a significant reduction for unit four in the iconic Grade II listed Buttermarket in North Street.

The assessment originally stood at £75,000 and after lengthy negotiations a reduction of £35,000 was arranged, FPC has said. The property now has a rateable value of just £40,000.

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The Valuation Office Agency (VOA) backdated the reduction to the start of the current rating list, the April 1 2017.

The lower rateable value is an attractive feature for a prospective tenant. FPC are currently marketing the unit and further details can be found on their website.

Formerly known as Market House, the building was built in 1808 for market traders who had been trading at the Market Cross. In 1980, it was extended to include an upper floor, which is currently occupied by Bill's.

FPC’s business rates expert, Daniel Green, said: "I am delighted with the outcome, which was possible because of FPC’s knowledge of the Chichester retail market.

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"In a challenging economic climate, and the situation regarding retail rate relief until beyond March 2022, it is more important than ever for occupiers and landlords to ensure that they are not paying too much."