Capital value of local knowledge
London NW1 is an undoubtedly desirable postcode, so business rates of £131,000 might seem perfectly justifiable for the Union Bar in Triton Street.
“But this is a new build in an office block north of Euston, which isn’t central London and should not command a central London premium,” says Anthony Alder of licensed leisure specialists AG&G, who acted for the operator to get the rates reduced to £80,000.
He pointed out that the value and business potential of premises in the capital can change from street to street, even within the same borough, and argued that the valuation should be more in line with Camden than with prime areas nearby.
“It’s proof once more than investing in expert advice can pay real dividends,” he adds.