Tough times signal rate rebate opportunities for shopping centres and tenants alike
Published: 03 February, 2011
Following a BBC report which found that Yorkshire, the North East and North West have the highest vacancy rates in the UK at around 17 and 18 per cent for all three regions, centre managers and retailers are being urged to look locally for rate review opportunities.
The idea is that as tenants move out a new opportunity appears in their wake with the possibilities of a ratings review based on a Material Change in Circumstance (MCC) for landlords and nearby tenants.
Empty units nearby, the loss of an anchor store or increased floor space and competition from new builds have all formed parts of successful appeals over the last 12 months with some businesses gaining up to 50 per cent reduction in rating valuations.
In the recent study by UK Ratings experts Dunlop Heywood, 30 successful Rating Appeals were held across the North and Midlands.
“What this study shows is that successful appeals are being launched across the UK and there is a real opportunity now for shopping centres and tenants alike to look to their local environment for an MCC that will open the door for a successful rating valuation appeal,” said Stuart Hicks, director of Dunlop Heywood.
