Rating Talking Heads: December 2023
Valuation of Tenant’s Works and Fit Outs Post Acenden: The Practical Application
This event runs as an informal discussion with a small panel of leading and informed practitioners extracting the nuances from the selected topic. They discuss practical issues that arise, with participants in the meeting being encouraged to listen, join in, ask questions and share comments.
|11 December 2023||Virtual Monthly Discussion||£45||BOOK|
Note: All prices are to be paid in GBP and are subject to VAT at the prevailing rate
December's Discussion: Valuation of Tenant’s Works and Fit Outs Post Acenden: The Practical Application
What began as probably a typical negotiation between a landlord and a potential tenant to occupy on an 11 year occupancy, morphed into one of the biggest rating cases in 2023.
How did we get to here, and why is the case so significant for the world of business rates? - Acenden has been described as a “must read case” and ranks as one of the most essential decisions for a rating valuer to read, understand and appreciate. What are the ramifications from the case?
The Upper Tribunal case ran for 3 days, with 3 different experts for each party, and considered both rental analysis and the valuation for rating of tenant’s works. The case was featured at this years' National Rating Day. The Rating Diploma Holders' Conference 2023 dug deeper into the valuation theory behind the issues that were played out in the Upper Tribunal.
Moving beyond the legal arguments and the decision, this event will focus on the practical application of the decision as it relates both to rental analysis and to the valuation of tenant’s alterations, particularly fitting out. No slides and not a DCF in sight.
December's Talking Heads
- Roger Cohen, Senior Counsel, Bryan Cave Leighton Paisner LLP
- Blake Penfold BSc FRICS MCIArb, Business Rates Consultant, Blake Penfold Consultancy
- Tim Johnson BSc (Hons) MRICS, Senior Director, CBRE; Immediate Past President, The Rating Surveyors' Association
- Krista Fieldhouse MA (Hons) MRICS, Partner, Gerald Eve LLP
- James Feltham BSc MRICS, Technical Adviser - Litigation and Technical Policy Team, Chief Valuer Group, Valuation Office Agency
This talking heads will discuss;
- A brief history of the facts that got us to Acenden and the decision itself.
- Rental analysis: What does the decision actually say about treatment of incentives and how should we deal with this now?
- Tenant’s works: How were these dealt with in the decision and what does this mean for outstanding 2017 list challenges and for 2023?
- Has the case settled the approach for future treatment of transactions of this type for offices?
- What is now agreed in Central London and how does it work?
- Legacy issues: dealing with incentives; are they deal specific or what principles are transferrable?
- Is there a lasting settlement on the issues, or are we waiting for the next skirmish to emerge?
- Has the rating hypothesis survived unscathed?
- What is the impact of the decision for other types of property?
In preparation for the June event, one of the speakers said “It is quite clear we are only scratching the
surface here” and a specific session to explore the practical application of
the outcome will make for an interesting CPD session