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 £41.80 £57.50 37.56
Per sq ft 2016/17 2017/18* 2017/18**
    
Rate Payable  £21.61  £25.00 £32.73

* 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.

Paddington Rateable Value as AVD

* April 2010 and April 2015 reflect Antecedent Valuation Date

 


Take-up by sector - last 12 months


To the north west of the West End Core, the Paddington submarket has undergone constant growth as new developments come to the market and more occupiers move to the area to take advantage of larger Grade A stock offering greater value and improved connectivity.

This submarket has, so far, attracted major corporates looking to take advantage of proximity to the West End along with connectivity to Heathrow airport and St Pancras Eurostar terminal. Major new development areas include Paddington Central, Sheldon Square and Paddington Basin.

Occupier Profile

New development areas have attracted major corporate occupiers such M&S, Rio Tinto and Orange away from the core West End and surrounding markets. Success with international occupiers has also resulted due to transport links with Heathrow.  Other notable occupiers include VISA, Prudential, Vodafone and AstraZeneca. 

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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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