12/03/19







In the Autumn Budget 2018, the Chancellor announced that eligible retailers will receive a one third discount on their business rates bills for two years from April 2019.
Relief will be provided to eligible occupied retail properties with a rateable value of less than £51,000 in 2019/20 and 2020/21. This could lead to a maximum saving of @ £8,500; with the National Multiplier having being increased to the record level of 50.4p in the Pound.

Retail property occupiers will presently be receiving their Business Rates Bills for the next financial year. We understand the discount should automatically be included on the account – and clearly shown on your bill. If the discount is not shown, your use may not be eligible, or occupiers should contact the Rating Authority and ask for clarification.

The eligibility is relatively straightforward; albeit a little unjust for high street businesses that are predominately office use.

The following list of uses should receive the relief where the rateable value is less than £51,000:


RETAIL

  • Shops (such as: florists, bakers, butchers, grocers, greengrocers, jewellers, stationers, off licences, chemists, newsagents, hardware stores, supermarkets, etc)
  • Charity shops
  • Opticians
  • Post offices
  • Furnishing shops/ display rooms (such as: carpet shops, double glazing, garage doors)
  • Car/ caravan show rooms
  • Second hand car lots
  • Markets
  • Petrol stations
  • Garden centres
  • Art galleries (where art is for sale/hire)


SERVICES

  • Hair and beauty services (such as: hairdressers, nail bars, beauty salons, tanning shops, etc)
  • Shoe repairs/ key cutting
  • Travel agents
  • Ticket offices e.g. for theatre
  • Dry cleaners
  • Launderettes
  • PC/ TV/ domestic appliance repair
  • Funeral directors
  • Photo processing
  • Tool hire
  • Car hire


FOOD AND DRINK

  • Restaurants
  • Takeaways
  • Sandwich shops
  • Coffee shops
  • Pubs
  • Bars

This list is not exhaustive. Broadly, retail properties with visiting members of the public should be considered for eligibility.

Authorities will be sending forms to Ratepayers asking them to record any other State Aid that they may be receiving.

Properties that are not readily accessible to visiting members of the public are not eligible for relief, along with many quasi-office businesses. These are listed as:
  • Financial services (e.g. banks, building societies, cash points, bureaux dechange, payday lenders, betting shops, pawn brokers)
  • Other services (e.g. estate agents, letting agents, employment agencies)
  • Medical services (e.g. vets, dentists, doctors, osteopaths, chiropractors)
  • Professional services (e.g. solicitors, accountants, insurance agents/financial advisers, tutors)
  • Post office sorting offices


For further details of the scheme, please see the full Guidance Here


21/01/19


The Harrow Market is a local shopping centre in Langley, near Slough in Berkshire. The development of 17 shops was completed in the late 1960s and retailers have successfully traded there for many years.

A healthy mix of different occupiers and active asset management has been in place and it is remarkable that there have been no new lettings in the centre since the original leases were granted. Changing shopping patterns have led to some units being transferred, resulting in the arrival of a beauticians and Dominos Pizza, although the original healthy range of occupiers has generally stood the test of time.

Nat West Bank previously occupied the double unit at 11/12 The Harrow Market. As part of their branch closure programme, we negotiated an early surrender of Nat West’s lease – subject to a significant premium payment to the Landlord. Day and Bell then offered the first unit in Harrow Market – on the market – in almost 50 years.

Strong interest was received and we are delighted to report that a new letting has completed. Thames Hospice have taken a new ten year lease with a five year break and review. A capital contribution, rent free period and stepped rental was agreed, compensating Thames Hospice for the requirement to install a new shop front, strip-out the bank’s fittings, complete repairs and remove asbestos. The Landlord retains a surplus from the premium received from Nat West and the rental increases from £32,200pa for Nat West to £42,000pa on the letting. 5763 Associates Limited represented the tenant, with Day and Bell acting for the Landlord as letting agents and Asset Managers.

The loss of a clearing bank is not ideal for any shopping centre. However, the attraction of Thames Hospice will draw new customers to Harrow Market. They successfully trade from 20 branches and will provide an upmarket charity shop facility, with a very high standard of fitting-out. We wish Thames Hospice good fortune in Langley and believe they will contribute to the continuing vitality and mix of goods and services available at The Harrow Market.