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RATING AND EMPTY PROPERTIES


Scotland will start facing stark choices in a few weeks' time as new rules remove most of the rates relief available to empty properties. From 1 April onwards, landlords of shops and offices being


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vacated will be liable to pay 50 per cent rates from the moment their tenant leaves. Previously benefiting from 100 per cent rates relief, rates on empty industrial properties will in the future be set at 10 per cent after the first three months. These are enormous changes, introduced without consultation


with the commercial property sector, which will produce a very significant windfall for the Scottish Government. Sadly, they will also have a chilling effect on parts of the commercial property market in Scotland outwith the prime areas in Aberdeen, Edinburgh and Glasgow, and will place some landlords in a very difficult situation. When similar changes were introduced south of the Border a


few years' ago, we saw a spate of demolitions. It was the only sensible option for owners of large but outdated industrial units who faced an enormous bill at the same time as an uphill struggle to let their sheds. Much of the property that disappeared dated from the 1920s or 30s and needed redeveloping, but of course investors will only rebuild if they can secure a pre-let – otherwise, they'll be paying thousands in rates while their bargaining power with tenants evaporates by the day. The current relief regime ends in a matter of weeks, but it is not


too late for amendments to be made. However, the government needs to start talking to landlords now.


cottish commercial property landlords face stark choices from April 1. Landlords of industrial buildings, office or retail space in


SIZE? IS THE PERFECT FIT FOR DUNDEE


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ashion sportswear store Size? has opened a new store in Dundee. The retailer, which is part of the JD Sports Group,


has launched a store in the former Republic shop at 82 High Street. Covering 1,976 sq.ft at


ground floor, and 696 sq.ft at basement, the store has been taken on a new 10 year lease at a rent of £70,000 per annum. It will stock a wide range of footwear including limited


edition, exclusive and vintage trainers from leading brands such as Nike, Adidas Originals, Vans and Converse, along with clothing from labels like Carhartt, Fred Perry, Berghaus and Lacoste. Stuart Moncur, Partner for global retail agents Cushman &


Wakefield, represented Size? He said: “With its large student population, style conscious residents and creative industries, Dundee is the ideal location for Size? which is renowned for its edgy collaborations with major brands like Nike. “This part of the High Street is a fantastic spot for Size? close


to Zara and H&M and between the Overgate Shopping Centre and Murraygate.” The landlords, Kennedy & The Saints, recently purchased the


investment. Founded in 2000, Size? offers the best brands in footwear, apparel and accessories and has stores in the UK and key European cities such as Paris, Milan and Copenhagen. It is part of the JD Sports Group, which was established in Bury, in the North West of England in 1981. It has over 800 stores across a number of retail fascias including JD and Scotts.


own and manage a wide variety of Industrial, Office, Retail, Residential, Leisure and Development opportunities.


James Keiller Investments Limited We are pleased to offer the following to the market.


For Sale


Multilet Industrial Estate, Donibristle Industrial Estate, Dalgetybay 11 units producing £73,000 Offers around: £750,000


Multilet Industrial unit with development site For 16 units. Currently producing £126,785p/a Riverside Business Park, Blyth Offers around £1.5m


Residential Portfolio, throughout Fife 30 units producing £136,000p/a Offers around £2m (Possibly subdivide into smaller lots)


To Let


Restaurant, Leisure or Retail Dundee City Centre, c. 9,000 sq.ft Immediate Entry


Public House/Night Club Dundee City Centre, c. 8-15,000 sq.ft Fully fitted out, Immediate Entry


For further information please contact Derek Tyson BLE, MRICS DD: 01382 443303, Mobile 07736895100 or email derek@jameskeillerinvestments.com 80 COMMERCIAL PROPERTY MONTHLY 2016


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