The Euston/King’s Cross sub-market has experienced growth as occupiers move to take advantage of new developments, greater value and improved connectivity.
Following the Eurostar terminal’s implementation, a major redevelopment of King’s Cross Central was undertaken by Argent, transforming the area into a vibrant, diverse and attractive place to work, live and shop.
The excellent transport hub has allowed for the creation of a new 5m sq ft mixed use master plan for the area, of which 3.4m sq ft is office accommodation in 19 new and refurbished buildings. Many of the new high quality office developments, now known as ‘Pancras Square’ have been met with good demand and are driving significant rental growth.
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 2021.
Click on the map to view business rate changes by London area or select an area from the dropdown.
New corporate occupiers have been attracted to King’s Cross primarily due to its strong connectivity in an environment with sufficient land to offer large-scale requirements and floor plates.
Google’s decision to relocate will see a consolidation from several buildings across the West End to a purpose designed office Campus. In addition, French advertising agency Havas’s pre-let illustrates benefits of the Eurostar high speed rail connection with Paris. Other corporate occupiers include BNP Paribas, Louis Vuitton and PRS for Music.
The new Rating List will come into force on 1st April 2021 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 2021 Rating List will reflect the changes in the rental market between April 2015 and April 2019.
The new rating list will come into force next year and the anticipated changes in business rates for this locality are set out below.