DTZ secures rates reductions for Regent Arcade tenants
Published: 10 April, 2013
Managing agents DTZ have secured up to 30 per cent rate reductions for tenants at the Cheltenham shopping centre following a series of successful business rates appeals, on behalf of landlord Canada Life.
Regent Arcade is undergoing a multi-million pound regeneration to provide an extra 20,000 sq ft of retail space to accommodate flagship stores for H&M and River Island.
The nature of the construction work, which is being carried out by Willmott Dixon, meant that it was necessary to construct hoardings at the front entrance, narrowing the main walkway. In light of the disturbance caused, DTZ collated trade figures from tenants and analysed footfall figures before leading negotiations with the valuation officer.
Following several meetings, the valuation officer awarded allowances of up to 30 per cent to tenants positioned towards the front of the centre, with all tenants on the remainder of the ground floor securing at least a 10 per cent rebate issued by Cheltenham Borough Council.
DTZ senior business rates manager Chris Pockett, who led the negotiations, said: “I am delighted to work on such a prestigious scheme and being able to help both small and well-established retailers benefit from a real cash saving in their business rates.”
Traders set to benefit from the allowances, which are effective from when contractors first moved on site until completion of work, include River Island, Ann Summers and Millie’s Cookies.
Associate director for DTZ Richard Ralph, added: “Retailers don’t always have the time or expertise to go through lengthy appeals. DTZ’s reactive approach and track record in securing rates reductions assures traders that property managers are listening to their concerns and endeavour to assist wherever possible.”