Hi All
We have a large BTR proposed development of 1,000 units on 5 existing business category parcels that will now be a mixed development with a 10% Business and 90% Residential split. I was wondering if you have one and was the new Valuation of the development noticeably increased?. The developer is proposing to build residential units above the retail ground floor on each of the 5 individual lots. My discussion with the VG confirmed no specific LV adjustments will be made to the existing land valuation methodology even though for rating purposes each lot will be on the existing one assessment.
In this instance future rates levied on the BTR is substantially lower than the current levy.
Any ideas are much appreciated of how to overcome the loss of income.
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