The new rating list will come into force next year and the anticipated changes in business rates for this locality are set out below.

Calculate Business Rates in Canary Wharf in 2016/17

Per sq ft April 2008 April 2015 Change(%)
 
Rateable Value £32.50 £37.50 15.38
Per sq ft 2016/17 2017/18* 2017/18**
    
Rate Payable  £16.80  £18.03 £21.15

* It is assumed liability increases will be capped based on the same Transitional Relief levels as the current list. To qualify the property must be in the 2010 List on the 31st March 2017.

** Assumes property does not qualify for Transitional Relief.

Canary Wharf Rateable Value as AVD

* April 2010 and April 2015 reflect Antecedent Valuation Date


Take-up by sector - last 12 months


Canary Wharf is the front office district for the Docklands office market, and one of London’s biggest skyscraper clusters.  It has a total office stock of over 15.2 m sq ft, which is larger than some UK regional cities, such as Leeds.

Since 1999 around 10.5 m sq ft of office space has been built across the Docklands market, which accounts for more than half of the total stock.

All but around 1.0 m sq ft has been pre-let prior to or during construction. The office stock is mostly modern, well maintained, and relatively affordable for its quality Central London standards. 

A strength of the market has been its infrastructure. The Jubilee Underground line is the main transport artery, supported by the Docklands Light Railway (DLR).

Canary Wharf is on the Crossrail route, which will offer a direct rail link to Heathrow and the City, complimenting the DLR connection to City Airport. Local amenities are strong, with two shopping malls, many bars and restaurants, and landscaped public areas.

Occupier Profile

Canary Wharf is characterised by a predominance of financial sector occupiers, while the surrounding areas comprise a diverse occupier base with some larger occupiers from the IT, media and professional sectors.

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2017 Rating revaluation impact on Business Rates across London


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 dark blue. 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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