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
Shoreditch/Clerkenwell has undergone a number of economic and property market changes over recent years. The area surrounding Old Street roundabout (colloquially known as Silicon Roundabout) has been the subject of a much publicised Government initiative to attract inward investment and increase growth within the digital, creative and high technology sectors of the UK, European and wider global economy.
Traditionally seen as a cheap alternative to the City, with relatively low quality stock, the area, has seen rapid rental growth as developers have brought to market various new quality buildings.
Many of the historic industrial buildings are also being converted to residential use to fulfil the growing demand of City professionals for their pieds à terre close to the City of London.
Shoreditch/Clerkenwell has its roots in the printing industry and remains popular with media occupiers. More recently, the TMT and serviced office operators have been attracted to the area due to its trendy image and comparatively cheap rental profile.
Shoreditch/Clerkenwell is now becoming a location for stage two tech firms who are acquiring the size and characteristics of mainstream companies. This is a healthy progression for the market.
Find out how Knight Frank's Business Rates team can help save you money. Contact us today or calculate business rates.
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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