Retailers at Edinburgh’s Cameron Toll shopping centre have been awarded a 57% discount from their rates bill following a successful rates appeal.
The win means that the mall’s combined rateable values are to drop by almost £3m pa.
The appeal to Edinburgh council was successfully argued by Eric Young & Co on the grounds that the previous rateable values were not reflective of the current commercial position in Edinburgh.
As a result of the negotiations rates rebates will be paid to all retailers who were tenants between April 2008 and the present day.
Craig Wilson from Eric Young & Co said: “It is important to recognise the valuable input from Edinburgh council’s assessors.
“The decision will have a positive financial impact on all tenants at Cameron Toll and make the centre more competitive in the Edinburgh retail sector.”
Campbell Whyte from Cameron Toll’s development managers, Whyte DM, said: “Not only is this good news for existing retailers who have had a significant financial burden removed from their costs but it is also very good news for retailers looking for a presence in Scotland’s capital city, just five minutes drive from the city’s Princes Street.
“Thanks must be made to Edinburgh council’s rates assessors for their professional approach to Cameron Toll’s appeal.”
