Empty Property Rates

1. Empty Rates Update Presentation By Tom Stokes FRICS Managing Director, Evans Easyspace Past Chairman, Business Centre Association

3. Examples of our Portfolio

5. Government rationale on Empty Rates “ The aim of modernising empty property rates is to provide a strong incentive for owners to re-let, re-develop or sell non-domestic buildings” Angela Eagle MP There has in fact been an increase in vacant property over the last year but this has been due to the downturn in the economy. “ It costs almost as much to rent office space in Birmingham and Manchester as in Manhatten. Continuing to subsidise properties that are empty by providing relief for rates makes little sense in this context” This data was taken from the King Sturge Global Industrial and Office Rents Survey “ This reform will provide a positive incentive to owners to bring their properties back into active use, increasing the supply of commercial properties available to new and existing businesses, which should help reduce rents for businesses” Angela Eagle MP There has in fact been an increase in the demolition of perfectly sound properties due to EPR. “ The reforms to empty property relief represent a fair balance between providing the incentive to re-use property and giving property owners rate relief whilst they manage their vacancies” John Healey MP Owners tend to wait about 12 months before considering demolition so the level of demolitions is likely to increase in the next few months. “ To say that there has been no meaningful consultation with the property industry on this reform is untrue” Angela Eagle MP I met Lord Myners from The Treasury and suggested that they use this year to do a proper consultation with the property sector. “ It is not our intention to conduct a review of business rates” Lord Myners