The long awaited draft 2017 Rating List went live on 30th September and follows the two year postponement from April 2015.
From research carried out by South West commercial property consultants Vickery Holman, the new Rateable Values (RV’s) are showing a mix of increases and decreases dependent on property type and location.
Headline Facts
The prime retail pitches in Truro, Plymouth and Exeter are showing reduced RV’s of around 20%, with some exceptions, one being Princesshay in Exeter where RV’s have grown by some 25%.
The office sector is seeing reductions between zero and 20% with some exceptions like The Crescent in Plymouth where RV’s have grown by around 20%.
The industrial sector is showing a mix of changes across the region, with some areas remaining static, whilst some like Marsh Barton, Exeter showing increases of around 5%.
Leisure Industry
Vickery Holman has a large client base in the leisure sector acting for holiday park operators, hoteliers, publicans and golf clubs. Our research so far shows;
Over 70% of holiday parks in Cornwall have seen increases with some as much as 60% and in some cases more.
90% of Hotels in Cornwall have seen an increase in their RV, again by as much as 50% in some cases.
What To Do Next
We are now able to calculate for clients what their new RV means they will pay from April 2017. As seen in all previous revaluations, the Government has announced a transitional relief scheme which will phase in increases and decreases.
Nicola Murrish, Associate at Vickery Holman Property Consultants, comments that “there has been a real mix of changes in rateable values, with some pockets of retail locations, Looe being one, showing growth, bucking the general trend. Even where decreases in RV have occurred it remains important to ensure professional advice is sought from RICS and IRRV qualified surveyors, who will advise whether to appeal assessments or not. It is also important to remember that the Transitional Relief scheme will phase in decreases as well as increases, so ratepayers with substantial reductions in RV may not see the true benefit of the reduction in the first year.”
