Only 1 unit left for Canmoor at Vision, W3

Following the successful letting of Units 2 & 4 Vision, only Unit 15 is now available.

Unit 15 is a brand new HQ warehouse of 27,429 sq ft with high quality offices and demised yard and car parking.

Unit 2 (3,835 sq ft) was let to Louise Bradley for a term of 10 years.

Unit 4 (4,646 sq ft) was let to Chevalier Technologies for a term of 10 years.

For further information, please contact Michael Haines.

More Letting for SEGRO across the A40 Portfolio

At Acton Park, W3 Unit 33 (8,671 sq ft) has been let to Allan Reeder for a term of 10 years.

Units 10 & 14 Victoria Industrial Estate, W3 have also been let. Unit 10 (7,317 sq ft) has been let to The Soundhouse for a term of 15 years and Unit 14 (3,164 sq ft) has been let to Visual Impact for a term of 5 years.

Medco Health Solutions have taken 27 Greenford Park, UB6 (3,995 sq ft) for a term of 6 years.

For further information, please contact Michael Haines.

Inflation reaches record levels sparking fears of business rates hike

RPI increased from 5.2% in September sparking fears of a spike in the tax if the Government continues to use September's RPI rate to set the rates multiplier. If the increase goes ahead businesses will face the biggest increase in rates in over 20 years.

The Uniform Business Rate will rocket from 43.3p to 45.7p per £1 of rateable value. London firms will face rates nearing 50p in the £1 for the first time as a result of the additional 2p rate levied to help pay for Crossrail.

The increase will affect all businesses as well as owners of empty premises. Being prepared for the increase will help with the burden, dohertybaines can provide free budgets for your business rates liabilities and advise on ways of mitigating this tax.

Please contact Fiona Kelly to discuss your liability further.

Rating Reform in Scotland

The Scottish Government announced various business rates measures in its recent Budget which have potentially serious implications for Scottish property owners and occupiers. The most relevant is the reform of empty rate relief which it appears is being reduced dramatically.

At the moment vacant commercial properties in Scotland benefit from 100% rates relief for the first three months they are empty and unoccupied, followed by 50% relief thereafter. Vacant warehouse and industrial premises and listed buildings pay no empty rates. Mr Swinney announced that empty rates relief will be reformed in Scotland from April 2013 claiming that this is 'to provide strong incentives to bring vacant premises back into use, reducing the prevalence of empty shops in town centres and supporting urban regeneration'. Similar claims were made prior the major reform of empty rates relief in England and Wales in April 2008 and there is no evidence that the removal of rates relief after a short rates free period (6 months for warehouse/industrial property and 3 months for other commercial property) has reduced the number of vacant units.

It is not clear whether the Scottish Government intends to replicate the empty rates rules in England and Wales.

The only announcement that may be good news to Scottish businesses is the intention to continue the support of small businesses through the Small Business Bonus Scheme, whereby 74,000 businesses occupying small properties benefit from nil or reduced rates liabilities.

If you would like more information on your rates liability for property anywhere in the UK, please contact me and I would be happy to advise further.

Fiona Kelly

fkelly@dohertybaines.com