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.
* 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.
* April 2010 and April 2015 reflect Antecedent Valuation Date
Traditionally home to London’s legal sector due to proximity to central law courts, over the past 10 years, Midtown/Holborn has become a popular ‘escape valve’ location for West End occupiers seeking value.
There has been a constrained development pipeline in Midtown since 2010, with little speculative stock coming to the market. As such, new schemes brought to market have been met with a strong level of demand with the recent Land Securities’ New Street Square development achieving record headline rents.
In an environment where strong tenant demand exists with a lack of new supply, the vacancy rate is currently well below the long-term average.
Whilst the legal profession has been Midtown’s traditional and recognised occupier base due to the proximity of the Royal Courts of Justice, the sub-market has expanded to accommodate a diverse occupier base including major tenants such as Deloitte, Goldman Sachs, Freshfields, British American Tobacco and Unilever.
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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 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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