Member Article

Preston has largest retail vacancy rates in the North West

Real estate advisors, Colliers International, have published a report showing retail locations in the North West of England which have seen the largest increase in vacancy rates.

Preston had the highest rate of vacant retail properties at 63.9%, far higher than the second highest which was St. Helens at 46.4%.

It also showed a link between decreased occupancy rate and rental value, which it argues should mean businesses are due a decrease in business rates.

The Chancellor’s Autumn Statement in December 2014 heralded some major changes for all businesses occupying commercial property in the UK, the Government introduced a deadline of 31 March 2015 for appeals on business rates valuations, which was almost lost in the small print.

This deadline applies to all businesses liable for business rates, across all commercial property sectors.

The following centres are ranked by the highest percentage increases in retail vacancy rates between 2010 and 2014:

1. Preston: 63.92%
2. St Helens: 46.43%
3. Wigan: 43.01%
4. Bury: 42.96%
5. Bolton: 41.5%
6. Birkenhead: 33.14%
7. Oldham: 25.82%
8. Stockport: 22.58%

Head of Rating for the North West of England at the Manchester office of Colliers International, Adam Burke, said: “This research is compelling – it combines information from the Midsummer Retail Rental Report from Colliers International with data from Local Data Company.

“This isn’t just a smoking gun – it’s two smoking barrels of evidence that the Valuation Office, which sets the rateable value for non-domestic properties, should be happy acting on to reduce the rateable values of retail units in those worst affected centres in the North West of England.”

This was posted in Bdaily's Members' News section by Sophia Taha .