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Friday, 31 October 2014
Thursday, 30 October 2014
Kier and Enfield Council to secure first council housing for 30 years
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CBRE Acquires PSM Center Management To Expand Retail Real Estate Capabilities In Switzerland
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CBRE Acquires PSM Center Management To Expand Retail Real Estate Capabilities In Switzerland
Wednesday, 29 October 2014
Hannah McNamara wins 'Women of the Future' award
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GOVERNMENT REVEALS 2017 BUSINESS RATES REVALUATION DATE
Gerald Eve
GOVERNMENT REVEALS 2017 BUSINESS RATES REVALUATION DATE
• April 1st 2015 laid before Parliament as date for next revaluation
• Leading expert criticises two-year delay before new values will affect rates bills
April 1st 2015 has been revealed as the valuation date for business rates assessments from 2017 onwards, with the necessary statutory instrument laid before Parliament yesterday (28th October, link). Responding to the announcement, Jerry Schurder, head of business rates at Gerald Eve, said:
“Having been critical of the postponement by two years of the 2015 revaluation, business will welcome this tangible commitment from the Government to finally bring rates bills more into line with current economic realities.
“The business rates burden will be more fairly split from 2017 onwards and struggling Rochdale retailers will no longer be subsidising the luxury brands of Regent Street.
“But with modern technology, it should no longer be necessary for there to be two years between the valuation date and the issuing of updated business rates bills.
“The whole point of a revaluation is to ensure rates bills reflect the property rental market and the wider economic climate – a gap of two years between valuation and implementation only reduces the chances that the bills will represent businesses’ ability to pay.
“The overwhelming business response to the Government’s ongoing review of business rates administration was that the gap should be shortened to one year and revaluations should occur more frequently.
“By announcing the valuation date as April 1st 2015, the Government has missed its first opportunity to deliver on the administration review’s commitment to ‘strengthen the system’s responsiveness to changes in property values’ and ‘to enable tax assessments to be based on up-to-date property values’.”
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Tuesday, 28 October 2014
Monday, 27 October 2014
Friday, 24 October 2014
Welcome to Xiamen: the only major Chinese city where property prices aren't falling
Construction and Property
Thursday, 23 October 2014
Wednesday, 22 October 2014
Employment Hot Spots In Mid Size European Cities To Draw Real Estate Investors
CBRE Europe, Middle East and Africa News
Tuesday, 21 October 2014
Monday, 20 October 2014
Duncan Sunter Appointed to Head C&W Valuation & Advisory in Sweden
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Friday, 17 October 2014
Commercial Real Estate Investment In Spain And Ireland Close To Record Levels
CBRE Europe, Middle East and Africa News
Thursday, 16 October 2014
Oxford struck by housing shortfalls, top prices and rising rents
Construction industry | The Guardian
Wednesday, 15 October 2014
AECOM wins key advisory role on third consecutive Olympics
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The Built Asset Blog
LATEST RPI FIGURES ADD £500m TO BUSINESS RATES BILLS
Gerald Eve
LATEST RPI FIGURES ADD £500m TO BUSINESS RATES BILLS
Today’s official Retail Price Index (RPI) figures will add further pressure to the UK’s soaring business rates bills. Firms in England face a £500 million rise in business rates for 2015/16 following the announcement that RPI in September was 2.3%.
Last year, for the first time ever, the Government capped the UBR increase at 2% rather than adopt the full RPI rise of 3.2% and businesses will hope that the Chancellor will again provide some business rates relief in his forthcoming Autumn Statement.
Jerry Schurder, head of rating at Gerald Eve said: “As the only national tax linked to inflation rather than prevailing market conditions, business rates are in urgent need of reform. At the very least, pegging business rates to the Consumer Price Index (CPI) – currently 1.1% – would provide welcome relief to UK businesses and halve next year’s rates increases.”
Even a 2.3% rise will pale into insignificance for tens of thousands of businesses whose business rates bills will leap due to the ending of transitional relief in April 2015. This scheme, introduced with the 2010 rating revaluation, was designed to assist firms facing large increases in their rates liabilities, phasing in rises over the five-year revaluation period. However, the Government’s controversial decision to postpone the 2015 revaluation, while neglecting to continue the transitional relief programme, has left the most-impacted firms exposed to sudden jumps in their rates bills in April 2015.
Research from Gerald Eve reveals that tens of thousands of small business in England face inflation-busting hikes in their business rates bills when transitional relief is removed in April 2015.
Some 67,000 small properties – including 19,000 shops, 2,500 pubs and cafes and 4,700 workshops – will face rate bill rises well above inflation, with 6,500 hit with increases of at least a third and 600 businesses having to come to terms with hikes of 100% or more. At their most extreme, the increases will be crippling: Gerald Eve has identified a newsagent’s kiosk in Bristol that faces an eye-watering rise of 534%.
With small properties typically occupied by small and medium enterprises (SMEs) it is such businesses that will bear the brunt of the increases, although over 4,000 larger properties – including landmarks such as The Oval cricket ground, London Zoo and Castle Howard in Yorkshire – will also attract significant hikes.
Examples identified by Gerald Eve include a high school in West Yorkshire whose rates bill will surge by over £61,000 from £22,249 to £83,328 and a Liverpool hostel which faces a £49,000 rise from £9,719 to £58,032.
Jerry Schurder, head of rating at Gerald Eve, said: “The end of transitional relief and the two-year deferment of the 2015 revaluation have created a perfect storm that will see huge rises in business rates bills hitting the smallest firms hardest.”
“I call on George Osborne to use December’s Autumn Statement to address this urgent issue, with any rises in business rates limited to no more than inflation. Longer term, the rating system needs overhaul to avoid radical leaps in bills and reduce SME’s exposure to such significant costs.”
SMALL FIRMS FACE INFLATION-BUSTING HIKE IN BUSINESS RATES AS TRANSITIONAL RELIEF ENDS
• Nearly 67,000 small properties in England face big increases from April 2015
• 5,000 properties will see rates bills being hiked by at least 33%
• One Bristol newsagent faces eye-watering 534% rise in annual rates bill
Thousands of small firms in England face inflation-busting hikes in their business rates bills when transitional relief is removed in April 2015, according to the latest research from property consultancy and business rates experts Gerald Eve.
Some 67,000 small properties – including 19,000 shops, 2,500 pubs and cafes and 4,700 workshops – will face rate bill rises well above inflation, with 6,500 hit with increases of at least a third and 600 businesses having to come to terms with hikes of 100% or more. At their most extreme, the increases will be crippling: Gerald Eve has identified a newsagent’s kiosk in Bristol that faces an eye-watering rise of 534%.
With small properties typically occupied by small and medium enterprises (SMEs) it is such businesses that will bear the brunt of the increases, although over 4,000 larger properties – including landmarks such as The Oval cricket ground, London Zoo and Castle Howard in Yorkshire – will also attract significant hikes. Examples identified by Gerald Eve include a high school in West Yorkshire whose rates bill will surge by over £61,000 from £22,249 to £83,328 and a Liverpool hostel which faces a £49,000 rise from £9,719 to £58,032.
Introduced following the 2010 revaluation, transitional relief was designed to assist firms facing large increases in their rates liabilities, phasing in rises over a five-year period. However, the Government’s controversial decision to postpone the 2015 revaluation, while neglecting to continue the transitional relief programme, has left the most-impacted firms exposed to sudden jumps in their rates bills in April 2015.
Jerry Schurder, head of rating at Gerald Eve, said: “The end of transitional relief and the two-year deferment of the 2015 revaluation have created a perfect storm that will see huge rises in business rates bills hitting the smallest firms hardest.
“Transitional relief was introduced to support those firms least able to cope with large rises in their rates liabilities, but Government policy will impose a double-whammy on many thousands. Not only will they not benefit from the adjustment that a revaluation would have brought by aligning values with the market, but they will also face inflation-busting increases in their bills.
“We call on George Osborne to use December’s Autumn Statement to address this urgent issue, with any rises in business rates limited to no more than inflation. Longer term, the rating system needs overhaul to avoid radical leaps in bills and reduce SME’s exposure to such significant costs.”
Tuesday, 14 October 2014
CEE Commercial Real Estate Investment Volume Up 11% Year-On-Year
CBRE Europe, Middle East and Africa News
Monday, 13 October 2014
Sunday, 12 October 2014
Friday, 10 October 2014
Pi Labs Estates Gazette Interview
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Construction industry | The Guardian
Land Securities exits Princesshay, Exeter and takes full control of Buchanan Galleries, Glasgow
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Land Securities exits Princesshay, Exeter and takes full control of Buchanan Galleries, Glasgow
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Thursday, 9 October 2014
Wednesday, 8 October 2014
A sad loss for Blackpool as unprofitable airport to close
Construction industry | The Guardian
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Tuesday, 7 October 2014
Monday, 6 October 2014
Associate Rating Surveyor
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EGI NEWS
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Cushman & Wakefield and Spire Ventures Partner to Create Europe's First Property Focused Accelerator, Property Innovation Labs (Pi Labs)
Friday, 3 October 2014
Thursday, 2 October 2014
Wednesday, 1 October 2014
Monumental budget busters: when the cost of infrastructure projects spirals out of control
Construction and Property
Monumental budget busters: when the cost of infrastructure projects spirals out of control
Monumental budget busters: when the cost of infrastructure projects spirals out of control
Construction and Property
Monumental budget busters: when the cost of infrastructure projects spirals out of control
Why are Chinese investors buying Australian property?
Construction and Property
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