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Life sciences real estate investors: have you overlooked the cost of business rates?

Peter Foley is our resident guru here at CPA, and has been passionately following the shifting world of business rates for many years. With a keen political insight, Peter’s writing reveals how policy change is key to understanding your business rates further, and how this could translate into substantial savings. In his weekly column, Peter also outlines a desired path forward, with changes we’d like to see implemented for a fairer system on the nation's business rates.

In the face of, or perhaps as a consequence of the Covid-19 pandemic, investments in life sciences real estate have experienced a dramatic surge. Life sciences, in essence, refers to the advancement of medicine and healthcare. This diverse market encapsulates biotechnology, pharmaceuticals, specialised medical equipment, and even genomics. Given the multitude of functions that lab operators must consider — from hazardous waste disposal, floor strength, mezzanines, and ventilation to maintaining the highest standards of cleanliness — the business rates cost often gets overlooked, or is passively accepted without question.

Commercial Property Advisors (CPA), specialists in business rates, are firmly committed to ensuring that our burgeoning industries are well informed about fair rateable values and are supported in challenging the billing authorities. In a cutting-edge industry like life sciences, current rateable values may be more guesswork than empirical calculations.

To address this, CPA offers to conduct a detailed professional survey of premises, free of charge. This serves as the foundation for a formal challenge to the rating authorities on behalf of the client. CPA's transparent commission is only due after the client has realised savings on their rates bill, providing reassurance of an adjusted value for the future.

For more advice and assistance without any obligation, CPA is just a call away. The world of life sciences real estate is a complex one, but with CPA's expert guidance, managing business rates becomes a less daunting task.

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