Generally industrial property is valued on a rental basis; the rent that the property would let for at a certain point in time. For the 2017 Rating List the valuation date is the 1 April 2015.
The Valuation Office gathers rents of similar properties and determines a price per meter square and places them in ‘valuation scheme’. Adjustments are made for differing size of properties and further adjustments will be made to take account of whether the property is heated or insulated.
Other factors that could influence the valuation include the age of the property, the height of the building and the presence of either rateable plant and machinery, mezzanine floors or storage yards. Offices and other upgraded parts of the building will usually attract a higher price per meter square.