IN what has been a brisk start to 2017, Hadlands has seen a number of properties going under offer, including a new lease agreement on Scrivens Barn in Castle Ashby.
An attractive rural location combined with 1,600 square feet of high-quality office space in a detached barn conversion ensured that there was a high level of interest in the property and a new lease was agreed at close to the asking rent.
Two adjoining industrial premises units at 57 and 59 Tenter Road on the Moulton Park Industrial Estate are under offer. Each comprising around 3,500 square feet of space plus a mezzanine floor. Lease terms were agreed with two well established local businesses at the beginning of the year. On the Brackmills Industrial Estate, we have let business space on Osyth Close. The 4,900 square feet unit has been let on a 10-year lease following the expansion of another local business.
In the office sector, Unit 1 Duncan Close on Moulton Park is available on flexible lease terms. The office space, comprising 2,918 square feet also offers on-site parking.
We’ve also taken instruction on 3 Pennard Close, which offers 1,520 square feet with a 960 square foot mezzanine floor. The unit was most recently occupied by an electrical engineering firm and is available at an asking rent of £15,000 per annum to a new tenant.
Also in Pennard Close, we have a open storage area which comprises hard-standing of a quarter of an acre. The area is within a larger compound, which benefits from secure fencing and access to office space should that be required.
Finally, it is worth reiterating that it makes sense to check out the new rateable values in advance of the April start date.
The new rateable values, which will determine the rate payable on business premises for the next five years, come into force on 1 April. Previously, rates were based on rental values as of April 2008. There have been significant changes since then, and the new rateable values will be based on rental values as of April 2015.
We are now able to access the new rateable values on behalf of businesses and other ratepayers. This gives the opportunity to correct any obvious mistakes at this stage because, although there will be scope to challenge and appeal values after 1 April, it will be a more complicated procedure at that stage.
Small business rate relief continues but the qualifying criteria has changed. If your business only uses one property and your property’s rateable value is less than £15,000 you may be a winner. From April 2017 no business rates are paid on properties with a rateable value of less than £12,000 however, the rates relief tapers away sharply down to zero for properties with rateable values exceeding £15,000.
With the changes in rateable values upon us, it’s worth speaking to a qualified chartered surveyor to get an expert view on the rateable value of your property and to ensure that the new values are fair and acceptable.
For assistance with this matter, or for information about properties or services available from Hadland Chartered Surveyors, telephone 01604 639657 or visit the website www.hadlands.co.uk
