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The valuation date for the new Rating List is 1 April 2015,
whereas the previous Rating List was based on values on
1 April 2008. Therefore, when the new Rateable Values
become effective on 1 April 2017, they will crystallise a
period of seven years’ growth in rents.
For most of the country, where rents have stagnated
over this period, the revaluation will have little impact.
However, in London, which has enjoyed particularly strong
growth, the uplift will be material in many cases.
Unsurprisingly, the impact will be felt most markedly
in areas that have been subject to significant regeneration
over this period. This includes areas of the City fringe, where
office rents have risen on the back of the tech boom.
On the retail side, most streets in the West End have
seen significant growth, with Dover Street’s startling 237%
increase showcasing the spill-out of luxury retail from
Bond Street.
Retail
% RV Change
Old Bond Street
117%
Westfield Stratford City
101%
Dover Street
237%
Office
% RV Change
City Fringe
69%
Hammersmith
29%
Rates Increase in London
As the UK braces for implementation of the 2017 Rating
List in April, Mark Henderson, our Head of Statutory
Valuations considers the effects of the revaluation on
London’s commercial property market.
SPOTLIGHT ON...
By
Mark Henderson,
International
Partner, Statutory
Valuations
CUSHMAN & WAKEFIELD
12
SPOTLIGHT ON...