News

Over 100,000 sq ft LET or SOLD - November 2011

Newman Commercial have just experienced the best two months for completions, since the collapse of the banking system in late 2008, with sales and lettings totalling over 100,000 sq ft.

Newman Commercial have completed 15 transactions including 7 office buildings totalling 29,000 sq ft and 8 industrial units totalling 73,000 sq ft. Of particular note were office lettings of 750 and 760 The Crescent at Colchester Business Park to Linklaters and Ovivo Water, Apex 12 to Reed & Mackay Travel and Oyster House to Red 7 Marine Ltd.

For further information on commercial property please contact us on 01206 854545 or email; mail@newmancommercial.co.uk

Substantial Premises on Severalls Industrial Park SOLD - October 2011

Newman commercial, acting on behalf of fixed charge Receivers Allsop, are pleased to announce the recent freehold sale of 1 Wyncolls Road.

The substantial warehouse / factory premises totals approximately 27,175 sq ft and prominently fronts Wyncolls Road on the popular, and established, Severalls Industrial Park.

The unit is self contained, has an independent yard and staff car parking area, an eaves height of approximately 5m, heating, lighting, canteen, staff room, male, female and disabled toilets and a passenger lift to the first floor offices. Two full height loading doors give access to the main industrial area.

For further information on commercial property please contact us on 01206 854545 or email; mail@newmancommercial.co.uk

Apex 12 Letting - September 2011

Newman commercial are pleased to announce the recent letting of Suite 2 The Cedars, at the prestigious Apex 12 development, to Reed & Mackay Travel.

Michael Moody from letting agents Newman Commercial said ‘with its stunning level of finish and attention to detail Apex 12 offers excellent office accommodation in an easily accessible location directly adjacent to the A12/A120 interchange’.

The Apex 12 development consists of three architect designed offices which feature aluminium windows with hi-tech glazing solutions, low-energy lighting and climate controlled heating and air conditioning with full heat recovery ventilation systems to lower energy costs. The offices have excellent natural day lighting, full accessed raised floors, passenger lifts and interesting vaulted ceilings. Externally there is ample car parking in landscaped grounds which feature security barriers and CCTV cameras.

Ellisons solicitors, based in Colchester, acted on behalf of Reed & Mackay and Hadfields Butt & Bowyer acted on behalf of the landlords.

Office suites are available in a range of sizes from 1,080 sq ft to 6,680 sq ft on new flexible leases, length and terms to be agreed.

For more information visit www.apex12.co.uk or contact sole letting agents, Newman Commercial, Tel: 01206 854545, email: mail@newmancommercial.co.uk

Offices In Witham Let - August 2011

Newman Commercial are pleased to report the recent letting of 2/3 The Matchyns, Rivenhall End, Witham. The two office buidlings, totalling approximately. 7,500 sq ft, have been let to Teledyne Paradise Datacom. Teledyne Paradise Datacom are a US based technology company and are a leading supplier of satellite communications products and subsystems around the world.

Both buildings have been extensively refurbished and refitted to Teledynes requirements and as a result a new ten year unbroken lease has been entered in to. The buildings specification includes; new suspended ceilings incorporating recessed LG7 office lighting, new comfort cooling units, new W/C facilities, kitchenette, new carpeting/vinyl flooring throughout, new UPVC double glazed windows throughout, full redecoration and new digital door entry systems. In addition 26 car parking spaces are provided on site.

The Matchyns, which is now fully let, offers four high quality office buildings located in attractive landscaped grounds directly adjacent to the A12 at Rivenhall End. Witham town centre and main line railway station are within two miles and Chelmsford, Colchester and Braintree are within 10, 11 and 6 miles respectively. Other occupiers on site are; The National Youth Advocacy Service, Halton Products, Taylor Maxwell and Fine & Country.

For further information on commercial property please contact us on 01206 854545 or email; mail@newmancommercial.co.uk

Prominent Building On Large Site For Sale - July 2011

Newman Commercial are pleased to have recently been appointed as sole agents on 1 Peartree Road, Colchester which is available for sale freehold. The premises extends to approx. 19,945 sq ft and sits on a site of circa 1.15 acres (0.47 ha). Planning consent was obtained for a car showroom and workshops in July 2008 however this has not yet been implemented. Offers are requested in the order of £895,000 plus VAT.

For further information please contact us on 01206 854545 or email; mail@newmancommercial.co.uk

Colchester's Largest Industrial Letting in Over 5 Years - June 2011

Newman Commercial are pleased to report the letting of 115,000 sq ft of industrial / warehouse space on Severalls Industrial Park to well known Colchester manufacturing company, Betts. Jeremy Newman, Managing Director of Newman Commercial, advised Benham Goodhead Print (BGP) on the disposal and Cushman Wakefield in London advised Betts. The two buildings comprise one of the largest industrial / warehouse complexes within Colchester and is the largest letting of this type to take place within Colchester since the letting of the premises to Flakt Woods in 2006. The letting is especially poignant to Jeremy Newman as he originally let the units to Benham Goodhead Print nineteen years previously in 1992. Jeremy Newman commented “we have had a long association with these buildings, having initially acquired them from DAF trucks and subsequently let them to Benham & Co in 1992. It is therefore pleasing that, after 19 years, we have been able to successfully let them again this time for BGP”.

Mimosa Restaurant + Deli - May 2011

Newman Commercial are delighted to have handled the recent letting of 706 The Crescent, a 4,500 sq ft restaurant, with additional 4,000 sq ft garden/outside area, which is prominently located in the heart of Colchester Business Park. The premises have been acquired by The Elysium Group and have recently undergone an extensive refit and been opened as Mimosa offering a 200+ cover Restaurant, Bar, Deli, Lounge & Gardens.

The venue is open from breakfast until late 7 days a week. Under award winning head chef Jon Tindall, former head chef of the Savoy, the modern British cuisine champions the finest local and seasonal produce. Come breakfast, lunch and dinner a wide variety of light bites, sandwiches, salads or hearty mains are available.

A private dining room is available for group bookings, for between 10-20 people, and comes equipped with full conference facilities suitable for hosting business meetings or workshops. Offering a range of meeting and party packages, Mimosa’s events team will work closely with clients to cater for every occasion.

To find out more or book a table please contact Mimosa on 01206 751 555 or visit www.mimosa-restaurant.co.uk

Newman Commerical, Colchester Connected - April 2011

We are pleased to announce that we appeared in the April - May edition of Colchester Connected.

To view the entire April - May edition online please go to http://www.colchesterconnected.co.uk/uploads/flippingbook/13/

The Spring Budget 2011 – Good News for Small Businesses - March 2011

The Chancellor announced in the Spring budget that the current temporary increase in Small Business Rate Relief, which started on 1st October 2010 and was due to end 30th September 2011, will now continue for a further year. The measure doubles the usual rate of relief so that businesses with rateable values below £6,000 will pay no rates at all for this period. Businesses with rateable values between £6,000 and not more than £12,000 will receive tapered relief from 100% to 0%.

It is important to check your most recent rates bill, which would have been issued prior to the budget and therefore it is possible to obtain refunds on overpaid rates arising from the alterations outlined above.

Empty Business Rates Relief to remove from 1st April 2011

Businesses and property owners burdened with empty commercial premises with annual rateable values between £2,600 and £18,000 will be charged full business rates from 1st April 2011 where previously for the past year they have been exempt. At a time when it is difficult for landlords or occupiers to lease or sell such properties, many will hope this is not an April Fools gag and we eagerly await the coalition governments March budget to see if it will be revoked. Before, the then Chancellor Gordon Brown’s budget in 2007, vacant commercial property was charged at a rate of 50% with industrial premises receiving 100% exemption. Will the March 2011 budget do anything to assist property owners / occupiers? To date we will have to wait and see…

Opening of New Tollgate Business Park – March 2011

A fantastic new business opportunity will be launched on 18th March. Comprising of 12 new business units from 1,700 to 6,100 sq ft the developers have created a bespoke business environment to a high architectural standard. Units 1-7 are arranged as a terrace of high quality offices offer comfort cooling, air source heat recovery, thermolite electric opening roof lights, raised flooring and carpet tiles, with Units 8-12 being detached units with three phase 120kva electrical supplies, 21 ft eaves height and full height electric slide over doors.

Located directly adjacent Junction 26 off the A12 easy access is available to Stansted Airport, the M25 and the east coast ports of Harwich and Felixstowe. For further information visit www.tollgatebusinesspark.com or telephone Jeremy Newman or Michael Moody at Newman Commercial on 01206 854545.

New A12 Junction 28 opens – January 2011

We are delighted to report that Junction 28 of the A12 has opened ahead of time and has significantly eased traffic congestion around Severalls Lane and the Colchester Business Park areas of the town. Essex County Council has announced funding for the new link road, which will join the junction into the existing roadway linking into North Station.

New A12 Junction Ahead of Schedule – July 2010

Excellent news for local occupiers and residents - the new A12 junction, linking the dual carriageway with north Colchester, is due to be completed January 2011 two months ahead of schedule. The £11.2m project is expected to significantly ease traffic congestion on Ipswich Road, Severalls Lane and at the busy A12/A120 interchange.

Budget Update – June 2010

Following the Chancellor’s emergency Summer budget on the 22nd June a number of changes have been made which will affect the business community, in brief these are :-

VAT rises to 20% from 15.5% from 4th January 2011.
Corporation Tax will reduce to 27% from April 2011 with successive reductions of 1% per annum to 24% in April 2014. The Small Companies rate (for companies with profits up to £300,000) falls to 20% from April 2011.
Capital Gains Tax is to rise for high rate tax payers to 28% from midnight 22nd June but will remain at 18% for basic rate tax payers with the individual exemption remaining at £10,100 per person. Entrepreneur’s relief allows an effective rate of 10% on the disposal of business assets or shares in a trading company. The lifetime maximum was increased to £5 million.

Confused about Business Rates? – May 2010

Business Rates prompt many questions for Landlords & Tenants such as;-

Am I eligible for small business rate relief?

What is my property's rateable value?

What are transitional allowances?

How do I take advantage of empty property relief?

Hopefully your queries can be answered by visiting the websites below;-

Business Rates Assessment Online (VOA):

http://ratinglists.voa.gov.uk/irl2k5/mainController?action=InitialiseApp&listYear=2010&lang=E

Small business rate and empty property relief:

http://www.businesslink.gov.uk/bdotg/action/detail?itemId=1073792393&type=RESOURCES

Transitional allowances:

http://www.businesslink.gov.uk/bdotg/action/detail?itemId=1080445657&type=RESOURCES

Local council business rates information pages –Colchester & Tendring:

http://www.colchester.gov.uk/menu_map_level_3.asp?sec_id=166

http://www.tendringdc.gov.uk/TendringDC/Business/Business+Rates/

However if you are still confused and require further advice or wish to appeal your Business Rates please contact our in house expert Michael Keenan on 01206 854545 or mk@newmancommercial.co.uk

EG Property Link – January 2010

We are pleased to report that Newman Commercial have joined EG Property Link which is the UK's leading internet search site for commercial properties. The site hosts over 61,000 properties from over 800 companies and reaches a global audience of over 81,000 visitors per month. We hope that this will add a further string to our bow and allow us to benefit from the increased flow of web-based enquiries.

2010 Rating Revaluation – January 2010

The next five yearly rating revaluation of all non-domestic properties in England & Wales is due to take effect on 1 April 2010. The new rateable values will be based upon market rental values as at April 2008.

Draft 2010 Rating List

The proposed new Rating List has now been published on the Valuation Office Agency website – www.2010.voa.gov.uk/rli – the revised rateable values proposed together with a breakdown of the assessment for each individual property can be seen by entering the relevant postcode or billing authority reference.

Effects

As a result of the revaluation the total rateable value is expected to increase but the intention is that this will be compensated by a corresponding overall reduction in the Uniform Business Rate. The expected uniform business rate multiplier for 2010/2011 is 41.4p in the pound (down from 48.5p in 2009/2010). The small business rate multiplier for 2010/2011 applicable where the rateable value is less than £18,000 outside Greater London is expected to be 40.7p in the pound (down from 48.1p in 2009/2010).

Small Business Rate Relief

It is expected that eligible ratepayers will receive relief on a sliding scale from 50% if their rateable value is than £6,000 to 0% for a rateable value of £11,999. Generally speaking this relief will not apply to ratepayers occupying more than one business property.

Transitional Arrangements

Transitional allowances are intended to limit the amount by which actual rates payable can vary up or down from year to year regardless of changes to the rateable value. For 2010/2011 increases in rates payable are expected to be limited to 5% for small properties and 12.5% for large properties. Similarly decreases in rates payable for 2010/2011 are expected to be limited to 20% for small properties and 4.6% for large properties. Outside Greater London a small property is defined as a property with a 2010 rateable value below £18,000.

Appeals

Formal appeals against the new rateable values cannot be lodged until after 1 April 2010. However, assuming that there are no changes to previous appeal rules, there will be no specific time limits for appeals to be lodged. Rates will continue to be payable in accordance with the proposed new rateable values pending the outcome of any appeal.

2005 Rating List Appeals

Until 31 March 2010 appeals can still be lodged in relation to current rating assessments.

Empty Property Rates

The changes introduced in April 2008 have resulted in significant additional costs for owners/tenants of vacant properties during a period of unprecedented economic downturn. Grounds for avoiding empty property rates include intermittent or charitable occupation, occupation prohibited by law, new or refurbished buildings not completed, properties not capable of beneficial occupation.

Rating law and practice is complex – for more information and advice contact Mike Keenan or Jeremy Newman. Tel: 01206 85 45 45

Pre Budget Report - December 2009

To the relief of smaller firms the business rates relief scheme for empty properties which was introduced in the 2008 pre-budget report has been extended. Empty properties with the rateable values up to £18,000 will continue to be exempt from Business Rates under the scheme for the financial year 2010 / 2011.

The Chancellor has also deferred the planned rise in the rate of small companies’ corporation tax. The 1% rise from 21% to 22% has been held over for another twelve months, remaining at 21% in the financial year 2010 / 2011.

In a green measure, electric cars are to be exempt from company car tax for five years and there is to be 100% first year capital allowance, both from April 2010. We look forward to seeing more applicants and clients arriving in this type of vehicle!

Work Commences On New Interchange - November 2009

Contractors have commenced initial ground works on the site of the new A12 Interchange, located directly adjacent to the Colchester United stadium. An estimated completion date of November 2010 is long awaited!

The 2010 Rating Revaluation - October 2009

The next five yearly rating revaluation of all non-domestic properties in England & Wales is due to take effect on 1st April 2010 with the new rateable values being based upon market rental values as at April 2008.

The proposed new Rating List has recently been published on the Valuation Office Agency website – www.2010.voa.gov.uk/rli – the revised rateable values proposed together with a breakdown of the assessment for each individual property can be seen by entering the relevant postcode or billing authority reference.

The Government has indicated that concessions for small businesses will continue and that transitional arrangements will again be introduced to phase in significant increases or decreases in actual rates payable arising as a result of the revaluation. Their Consultation Paper which provides details of the proposals is available at.

www.communities.gov.uk/publications/localgovernment/nndrrevaluation2010

Formal appeals against the new rateable values cannot be lodged until after 1st April 2010. However, assuming that there are no changes to previous appeal rules, there will be no specific time limits for appeals to be lodged. Rates will continue to be payable in accordance with the proposed new rateable values pending the outcome of any appeal. Until 31st March 2010 appeals can still be lodged in relation to current rating assessments.

The changes to Empty Property Rates introduced in April 2008 have resulted in significant additional costs for owners/tenants of vacant properties during a period of unprecedented economic downturn. However there are grounds for avoiding empty property rates to include intermittent or charitable occupation, occupation prohibited by law, new or refurbished buildings not completed or properties not capable of beneficial occupation. A particularly complex area with current case law awaited.

For further more information and advice on rating matters please contact Mike Keenan FRICS ACIArb.

Green Light For New A12 Interchange- October 2009

We are pleased to report that funding has now been secured for the long awaited A12 Northern approaches interchange. The Government funded Homes and Communities Agency has guaranteed £9.4 million which will enable the creation of the new Northern approach road across the site of the former Severalls Hospital to link to the new A12 junction. Community Infrastructure Funding has also agreed the £11.2m for the cost of the junction. The A12 Interchange will be located directly adjacent to the new Colchester United Football Stadium and will link into Axial Way. Work is expected to commence on site at the end of October and will be complete in March 2011.

The Square, Colchester - September 2009

NEWMAN COMMERCIAL SELL 28,300 SQ.FT HEADQUARTER’S OFFICE BUILDING

We are pleased to report the recent sale of “The Square”, Colchester’s newest and highest quality office building. This visually striking building was developed to be environmentally-friendly and has energy efficient air conditioning, motion sensitive low voltage lighting, solar panels and a Brise Soleil. The office was built by Cambridge developer, Wrenbridge and was sold to the UK’s largest independent estate agency group, Spicer Haart for their new UK headquarters.

Easter Park, Only 50% Remaining - August 2009

Newman Commercial are pleased to announce that 50% of Easter Park is now LET, SOLD or UNDER OFFER.

Easter Park, located on Axial Way Colchester, is a very high quality development of newly constructed industrial units ranging from 5,400 sq.ft to 32,000 sq.ft. The units are available either for sale Freehold or To Let.

The units are of steel portal frame construction under pitched and insulated roofs which incorporate translucent roof lights. Each Unit benefits from electrically operated full height loading doors, double glazed windows, 6- 8m eaves, male/female and disabled toilets, loading/ unloading facilities and car parking. A selection of the Units benefit from fully fitted offices which incorporate suspended ceilings, recessed lighting, perimeter trunking, night storage heaters and carpeting

For further information or to arrange a viewing please contact us on 01206 85 45 45 or email; mail@newmancommercial.co.uk

Apex 12, New Office Development - June 2009

A stunning new architect designed office development in a self contained site directly adjacent to the A12/A120 interchange is due for completion in August.

Three high specification air conditioned office buildings nestle in landscaped grounds with generous car and cycle parking.

One office has been sub-divided to provide five suites ranging from 1,084 sq.ft to 1,752 sq.ft however offices 1& 3 continue to each offer 6,680 sq.ft primarily in an open plan format.

All of the offices are availble TO LET on new flexible full reparing and insuring leases, rents upon application.

For further information on the above please visit www.apex12.co.uk or contact us on 01206 85 45 45 or mail@newmancommercial.co.uk

2010 Rating Revaluation - March 2009

Uniform Business Rates represent a significant cost for most businesses and it is important to ensure that your premises have been correctly and fairly assessed.

The next 5 yearly revaluation of all commercial premises is due to take effect on 1 April 2010 and it will be based upon rental values as at 1 April 2008.

What To Expect

Information concerning the revaluation process should accompany the 2009/2010 rate demands sent out by Rating Authorities during March 2009.

Forms of Return have and continue to be sent out by the Valuation Office Agency (VOA). These forms require the provision of comprehensive information concerning rent and other leasing arrangements. Failure to complete the forms incurs the risk of a fine.

In October 2009 Draft Rateable Values (RV’s) are due to be published by VOA and sent to all rateable occupiers together with draft valuations. The Government will then use that information to calculate the uniform business rate for 2010/2011 and to finalise details of any new transitional and rate relief schemes.

Rate demands for 2010/2011 will be issued in March 2010 using the new RV – the figure actually used may however differ from the draft RV.

Appeals against the new RV’s can be lodged with effect from 1 April 2010.

What To Do

Contact Newman Commercial if you have any queries or concerns about the 2010 Rating Revaluation.

We will be pleased advise and assist you in relation to draft rateable values, completion of Forms of Return and lodging an appeal if appropriate.

We can also advise in relation to the provisions relating to the rating of empty properties, Notices of Alteration and other aspects of rating which may help to minimise your liabilities.

Bank Of England Interest Rates - January 2009

The Bank of England sailed into unchartered waters with its decision to cut the bank rate to 1.5%, the lowest level since the bank was founded in 1694. With the general consensus that rates will fall further in the coming months the yield gap between borrowing costs and returns from property investments are now looking most attractive. Please call us to discuss your specific requirements.

Energy Performance Certificates (EPC's) - January 2009

The deadline of the 4th January for the preparation of Energy Performance Certificates (EPC's) on all commercial property offered for sale or to let, above 538 sq.ft (50m²) gross internal, has now passed. With the Government not delaying implementation and Trading Standards keeping a watchful eye it is advisable for all companies offering commercial property to the market to comply where necessary. We have a list of qualified EPC assessors which we can e-mail to you and would recommend that inspections are booked as soon as possible to avoid the inevitable last minute rush.

Save Energy Over The Festive Season - December 2008

At last there has been a suggestion to assist with power shortages over the festive season. An aquarium in Japan has discovered that it can run its Christmas tree lights by dangling a copper wire into a tank containing an electric eel. Therefore with a number of eels strategically placed throughout your office you could not only cut your utility bills but also replace your carbon footprint with a more ecological carbon fin!

With best wishes for Christmas and the New Year from all the team at Newman Commercial.

Pre Budget Report, Empty Rate Relief - November 2008

A relevant point to property owners that you may have missed in the pre budget report is that empty commercial property with a rateable value below £15,000 is to be exempt from payment of business rates from the 1st April 2009 to the 31st March 2010. If this applies to your own property make a diary note to contact your local rating authority in March next year to ensure your account has been amended correctly.

Apex 12, New Office Development - November 2008

A new office development being built with the latest energy efficient methods could be one way of reducing overheads for businesses feeling the pinch of the credit crunch, according to an Essex MP.

Bernard Jenkin, MP for North Essex, recently led a ceremony to celebrate the creatiion of a major new office development adjacent to the A12/A120 interchange in Colchester called Apex 12.

The six new buildings feature aluminium windows with hi-tech glazing solutions, low-energy lighting and climate controlled heating and air conditioning with full heat recovery ventilation systems to lower energy costs. The units range in size from 1,080 to 6,680 sq.ft and are due for completion spring 2009.

For further information please go to www.apex12.co.uk or telephone Newman Commercial on 01206 85 45 45

Colchester Business Park, New Website - October 2008

We are pleased to announce the launch of the new Colchester Business Park website. For further information and current availability please visit www.colchesterbusinesspark.com or contact Newman Commercial on 01206 85 45 45

Energy Performance Certificates (EPC’s) - October 2008

We have now reached the deadline for the preparation of Energy Performance Certificates (EPC's) on all commercial property above 50m² (538 sq ft) gross internal. This includes all types of commercial buildings from small shops, office buildings through to large industrial / warehouse units. The Government have agreed transitional arrangements for any properties that were on the market previous to the 1st October and they now have up until the 4th January 2009 to obtain an EPC.

Penalties for failure to comply can result in fines which are calculated at 12.5% of the rateable value of the building up to a maximum of £5,000. The only exceptions are temporary buildings with a lifespan of no more than two years, certain buildings with very low energy demands and places of worship.

It will therefore be necessary for vendors / lessors to appoint an accredited Energy Assessor to carry out an inspection of all relevant buildings to provide this EPC. Due to the individual nature of commercial property and the fact that this is new legislation, fees have yet to fully crystallise but will be dependent upon the property type, usage, heating / air conditioning output and floor area.

Energy Performance Certificates (EPC’s)

From 6th April 2008 Energy Performance Certificates (EPC’s) are compulsory for all commercial buildings being offered on the market either For Sale or To Let of more than 10,000 sq metres (107,640 sq ft). From 1st July 2008 this extends to buildings with a total floor area greater than 2,500 sq metres (26,910 sq ft) and from 1st October 2008 all remaining commercial buildings will also be included.

The owner, landlord or tenant of the property is responsible to provide an EPC if they plan to sell or lease the building which should be carried out by an accredited energy accessor. This certificate will show the energy rating for the building in a format similar to the energy labels now used on many household appliances. The energy rating will be from A to G, A being most efficient and G being the least efficient. It will also include suggestions that could help improve the energy efficiency of the building together with an indication of payback and potential impact if implemented.

For clients who fall within the above categories and require an EPC we can provide you with details of recommended accredited EPC surveyors who will be pleased to advise you on the type of report necessary and the associated costs.

Planning Applications

The national standard planning system came into force on 6th April 2008. This new process will result generally in more information being required to make a planning application and increase consultation with the local authority and other stakeholders before the application is made. The requirement is now for a national standard list of information and a local list which will be prepared by each planning authority. For example now even a simple change of use application will require nearly as much information as a full application and therefore professional advice/guidance is recommended to ensure applications are not dismissed purely on a technicality. Life continues to become more and more complicated however we can advise on suitable planning consultants who will be able to assist.

Business Rates

From 1st April 2008 the rating Act 2007 changed the basis upon which rates are to be charged on most vacant commercial properties in England and Wales. Vacant property held by amateur sports clubs, registered charities, companies in administration, premises that are prohibited by law or local authority from being occupied and properties that have a rateable value of less than £2,200 are exempt. However offices and retail premises will lose their 50% exemption and will be responsible for full rates after they have been vacant for just 3 months. Industrial buildings previously exempt from empty rates will now be exempt for only 6 months from the date they became vacant and will then have to pay full rates. Once a building is occupied and business rates are paid for a period of six weeks or more it may again qualify for a further 3 or 6 month exempt period.

This is a major extra cost for companies with vacant property and whist the reasoning from the government is to incentivise the property industry to let empty premises it is really just another of the governments revenue raising measures! For further advice on rating matters please call Mike Keenan at our office.