Research reveals the business rates winners

0
Have your say

OFFICE occupiers in Sheffield and retailers in Leeds will be the biggest winners in terms of new business rates, with research suggesting they could see their bills cut by up to 40 per cent.

Commercial property values have endured a rollercoaster ride since 2008, when the previous revaluation values were set, which coincided with the peak of the commercial property market.

The 2015 revaluation was postponed by the Government, and assessments following the 2017 revaluation will be based on rental levels at April 1, 2015, meaning they will be higher than if it had taken place this year.

Leading business rates adviser BNP Paribas Real Estate said that overall Yorkshire has seen values remain below the peaks of 2008 and should receive welcome cuts to business rates bills in the revaluation.

Yorkshire rating director Steve Turton said: “We have looked at movements in rental values based on actual evidence collected across the country... and made our predictions from that to ensure the most up-to-date and accurate forecasts.

“It is likely that those most affected will be large corporates with big portfolios heavily focused on London offices and/or retail, or landlords/occupiers with just one or a few large properties in areas where rental values have increased significantly since April 2008.”

Retailers in Leeds are predicted to be among the biggest winners, with reductions in bills of up to 40 per cent, while office occupiers in Sheffield could see reductions of 20 per cent.

Mr Turton said: “While our forecasts give an indication of what to expect generally, each property must be looked at on an individual basis.”