The West Country Wiltshire – Strong Industrial take up!
Reports Dean Speer MRICS, Partner Myddelton & Major Salisbury Wiltshire
‘Despite the across gloomier
economic picture in 2023, the industrial and distribution market
has remained buoyant with strong levels
Wiltshire of take
up, leading to a shrinking supply of good industrial/ warehouse units. Solstice Park at Amesbury is now nearly fully developed with one final plot remaining.
Helix, being developed by the RO Group is in two phases. The first phase of 11 trade counter and warehouse units has one unit remaining of
around 3500 sq ft. Other occupiers on the scheme include Toolstation, Easy Bathrooms, Motor Parts Direct and Kwik Fit.
The remaining 6 acres or so is subject to a revised planning application to deliver three independent industrial/warehouse units ranging from 15,000 to 20,000 sq ft and a single larger distribution unit of 85,000 sq ft. Planning consent is anticipated in April 2024, so units are available on a design and build basis thereafter.
This is one of the few remaining opportunities for occupiers to secure new high specification warehouse units along the A303 corridor between Andover and Exeter.
Further west, Rockhaven Developments have been busy on their latest schemes. A scheme of 23 industrial/warehouse units at Street has now reached practical completion, with a large proportion of the units sold or let.
Their industrial/
warehouse scheme of 20 units at Westbury has also reached practical completion and units are available for sale freehold.
A further development of one of the last remaining plots at Commerce Park, Frome will deliver 30 units in the first phase. Construction is currently underway and more than 50% of the scheme has been pre-sold.
This shows the strength of the industrial market, particularly the smaller units, which are ideal for investors as well as owner occupiers.
The shortage of allocation of new development sites across Wiltshire, North Hampshire and South Somerset will keep supply levels low for the next few years.’
Spring Budget 2024
The Spring Budget was delivered by the Chancellor on 06 March 2024, with little direct reference made to business rates.
Retail, Hospitality and Leisure Relief (RHL)
Ratepayers were reminded that the RHL Relief Scheme will be extended for a further year until 31 March 2025; the discount of 75% will remain subject to a cap of £110,000 per business. This is in recognition of the fact that the retail, leisure and hospitality sectors have continued to suffer in the wake of the COVID-19 pandemic and amidst the cost-of-living crisis. This will come as welcome news to occupiers within these sectors.
Relief for Film Studios
The Chancellor also announced eligible film studios in England will enjoy a 40% relief on their gross business rates until 2034; this comes in recognition of the fact film studios – as a collective – faced the largest rateable value increases at the 2023 revaluation. Further guidance will follow regarding eligibility criteria and calculation of the relief.
Changes to Empty Rate Regulations The consultation on business rates avoidance and evasion
<
https://www.gov.uk/government/consultations/business- rates-avoidance-and-evasion-consultation>
concluded in
September 2023 and the Government has now published its findings. Businesses are currently granted 100% relief for three months (or six months for qualifying industrial property) when a property becomes empty.
If vacant properties are reoccupied for six weeks, another period of relief is then triggered. The key change to the existing regulations is that, from 01 April 2024, empty properties will need to be occupied for 13 weeks to claim empty property relief.
Rates Bills for 2024/2025
Business rates demands for 2024/2025 are currently being distributed by local authorities. With the standard Uniform Business Rate (UBR) multiplier tied to the September CPI figure, there will be a considerable increase to businesses with rateable values of over £51,000. Coupled with a reduction in transitional relief from April this year, many ratepayers will be facing an increase to their bills.
Please get in touch with our rating team if you have any questions –
rating@vickeryholman.com
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COMMERCIAL PROPERTY MONTHLY 2024
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