Dover Street retailers to see business rates rise by 415%
Dover Street retailers, such as Victoria Beckham, Christian Louboutin and Rei Kawakubo’s Dover Street market, will be the nation’s biggest losers when the new business rates hit the market in October 2016. According to Colliers International, the tax on business properties on Dover Street is expected to increase by 415%.
The UK Government’s decision to postpone the business rates revaluation has left a seven-year gap between assessments. In October 2016 retailers will be informed of their new business rate levels, which will leave winners and losers across 431 retail centres across the UK.
Businesses in London’s Brixton, Westfield London and Southhall will also see their rates increased by 128%, 102% and 91% respectively, according to the research by the global commercial real estate agency.
“The 2017 rating revaluation will produce the largest changes to business rates for High Street retailers in a generation,” said John Webber, Head of Rating Colliers International.
“Our message is clear: retailers need to start planning for these changes. Retailers in London and the South East will, in some cases, face significant rate rises. Budgeting to allow for this should be addressed now and we hope that our data serves as a wake-up call a clear 12 months before the government publishes the final details”.
Newport in South Wales is the UK’s biggest winner with over a 71 per cent cut to business rates.
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