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

Per sq ft April 2008 April 2015 Change(%)
    
Rateable Value £55.75 £60.39 8.32
Per sq ft 2016/17 2017/18
    
Rate Payable  £28.82  £29.71

Covent Garden Rateable Value as AVD

* April 2010 and April 2015 reflect Antecedent Valuation Date


Take-up by sector - last 12 months 


The Covent Garden office market refers to the area of WC2 bounded by Kingsway, the River, Charing Cross Road and New Oxford Street.

It is associated with the former fruit and vegetable market in the central square along with the Royal Opera House which drove a movement of theatre and the arts, still present today.

In response to the rapid growth of commercial demand, many contemporary office buildings were developed, in addition to the refurbishment of historic Art Nouveau buildings.

There is now approximately 11.0 m sq ft of stock. More recently, limited speculative development activity in the Strand / Covent Garden market, has resulted in a pronounced lack of quality large units, which has meant the area has struggled to attract interest from occupiers with large relocation requirements.

Occupier Profile

To the west, the area is popular with media occupiers due to its creative history and proximity to the Soho and Noho submarkets. The eastern portion accommodates a number of large city-type occupiers.

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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 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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