Business Rates Update

Home And Away: Landlords And Tenants Settling For A ‘Draw’?

Home in sport is normally an easier territory for the proprietor to win rather than the visitors… However, currently in the London office market, the proprietor may be more willing to settle for an effective ‘draw’ with its ‘visitors’ by re-gearing leases. This has developed as both sides are preferring to take the safe option, and instead of allowing leases to run-down, they are entering into negotiations to re-gear the lease to ensure certainty for the near future.   

In a strong market - a landlord favourable market - this type of deal is very unlikely, but today it is a sensible option for occupiers to consider over the next few months. This method is a good way for a tenant to extend their lease length, revise it, and alter the passing rent. Therefore instructing a surveyor to ‘test the water’ with a landlord with a new proposal might make good commercial sense if you have no intention of moving and wish to have more certainty on your property outgoings, for the next few years.  

Business Rates: 66.9% Hike At The Home Of Cricket BUT 7.1% Decrease At The Emirates…

Another area for occupiers to think about is that the 2017 Rating revaluation will be coming into effect in on 1st April next year. Whilst we do not know what the official changes are yet, the draft released in September 2016 has suggested uplifts in Business Rates across central London. Nationally there are going to be winners and losers and the recent draft has revealed that in London adjustments have been made in areas where there has been substantial rental growth. Do contact us if you want to find out what is going on! 



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