Businesses across the Capital will need to be aware that their rating assessments are currently being re-valued with the new Rating List coming into force on 1st April 2017.
Click on the map to view business rate changes by London area or select an area from the dropdown.
The new rating list will come into force next year and the anticipated changes in business rates for this locality are set out below.
* April 2010 and April 2015 reflect Antecedent Valuation Date
The Bloomsbury office market encompasses the area within the WC1 postcode, with its boundaries as Euston Road to the north, New Oxford Street to the south, Tottenham Court Road to the west and Gray’s Inn Road to the east.
While the north of the area is predominantly residential and educational, the long-term redevelopment of King’s Cross and Euston Station is likely to benefit the area as these large schemes develop into business locations in their own right.
In Bloomsbury, transactional activity over the past few years has been dominated by turnover of second-hand space, which has historically accounted for around 85% of all take-up. However, a surge in activity picked up considerably in the second half of 2014 as the first two new schemes to be delivered since 2009, approached practical completion.
The success of these schemes suggests that a lack of availability rather than demand has dampened transaction volumes in this submarket. Looking ahead, availability is set to remain at a low level for the foreseeable future.
The area has traditionally been associated with educational occupiers and non-governmental organisations, although the south of the area is home to a number of high-profile media occupiers including Warner Brothers and Mediacom.
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The new Rating List will come into force on 1st April 2017 and this will herald changes to the level of business rates charged across the Capital. Our heat map reflects the anticipated impact businesses will face next year within each submarket.
Those with the strongest increases are in dark red and those in the lowest are in lilac.
By way of background, the rating lists are based on the rental market two years before the list comes into force.
The 2017 Rating List will reflect the changes in the rental market between April 2008 and April 2015.
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