From October 2013 all newly built commercial property completed between 1st October 2013 and 30th September 2016 will be exempt from empty property rates for the first 18 months (up to the state aids limit).
Simon Patrick, Partner & Head of Commercial Property comments: “I am delighted that the government has introduced this relief as hopefully it will stimulate speculative new buildings and help get Britain building again”.
Simon continues: “There are, however, a few criticisms I would raise – why 18 months was thought to be sufficient enough – two or even three years would make much more of a difference, why only newly built commercial buildings benefit – those having major refurbishment work should also be considered and also why the change isn’t being launched until October this year – the earlier, the better, surely?!”
For developers who are in the process of building commercial premises, it may well be worth considering delaying completion of your property to ensure that you are eligible for this relief.
Robinson & Hall’s commercial property department specialises in sales and rentals, landlord and tenant advice, rent reviews, lease renewals, valuations, business rates appeals and dilapidations.
To find out more about the services we can offer or to arrange an appointment with one of our experts please contact Simon Patrick on 01234 362921 or email firstname.lastname@example.org