The Valuation Office Agency has released it’s draft list of revaluations of commercial property, with some winners and losers in Wrexham – and Welsh Government announcing more support.
The Revaluation is carried out by the Valuation Office Agency (VOA) and reassesses all rateable values in Wales and England based on their open market rental value on a fixed date. This is the first such revaluation in Wales since 2010.
From today, businesses can find out their rateable value for 2017 by visiting the VOA’s website here.
Looking at some sample buildings in the town we have noticed a range of winners and losers, with the ‘new’ Marks and Spencer address on Eagles Meadow rising from £367,500 to £510,000. Elsewhere on Eagles Meadow rates have dropped, with Debenhams going from £560,000 to £500,000. Other addresses such as 5 & 6 Eagles Meadow are down to £174,000 from £216,000, whereas the Next store has increased from £277,000 £407,500.
The old Marks and Spencer store, now QD Stores on Hope Street, has its rates chopped from £200,000 to £150,000. Ten other sampled properties on Hope Street have also seen a significant reduction in their rates.
The large Primark store on Regent Street sees their rates down from £175,000 to £132,000, again a sample of ten properties on the street all show a reduction.
As you would expect the supermarkets have larger areas – so Tesco on Crescent Road is the biggest winner we have spotted in town so far, down from £2,120,000 to £1,660,000. Sainsbury’s on Plas Coch was £2,040,000 and down to £1,850,000.
We have also had it flagged to us that Waterworld carpark was rated at £57,500 and is now up to £125,000.
Further out Wrexham Industrial Estate appears quite static on samples looked at, with Kellogs for example moving from £1,160,000 to £1,140,000.
Looking at some independent local businesses there is a mix, with Emz Cakes on Chester Street has gone from £5,200 to £8,000 , La Baguette has gone from £8,200 to £9,100. The Anise is up from £20,500 to £21,250.
Regent House of Flower has stayed the same, with Try Thai reduced from £11,000 to £9,000. The old Hoffi Koffee could become a more attractive proposition, down from £16,750 to £12,750. King Street Coffee in the bus station is down from £10,200 to £8,300 along with other units for example No. 2 down £9,200 to £7,700.
There has been issues with the VOA website this morning, and ongoing problems as people check out their revaluations – with this error message popping up for a few queries as we try to check some properties.
Just after midday Local Government Secretary Mark Drakeford announced plans for a ‘new scheme to support small businesses affected by the revaluation of business properties’
The release says the £10m scheme will come into effect from April 2017 and is in addition to a £100m ‘tax cut’ (or was it? article here) previously announced for small businesses in Wales.
Some small businesses whose rateable value has increased as a result of revaluation will receive less support from the Welsh Government’s Small Businesses Rate Relief (SBRR) scheme as a consequence.
To reduce the impact of revaluation on these small businesses, the Welsh Government will step in to provide extra support to help them meet the cost of their rates.
Professor Drakeford said: “Two weeks ago, I announced that we would be extending our current Small Business Rates Relief scheme for another year and introducing a new permanent scheme in 2018.
“While the revaluation itself is out of our control, we know it may affect some small businesses’ eligibility for our rates relief scheme and that’s why we want to offer this extra support.
“This transitional relief scheme will mean 7,000 more small businesses will now get support in paying their rates.
“This scheme will be fully funded by the Welsh Government rather than being financed by capping reductions for those whose rateable value falls following the revaluation.
“With the introduction of this scheme, more than three-quarters of ratepayers in Wales will receive some form of support next year and the Welsh Government will be providing more than £200m of relief in total.”
Has your business been potentially affected by the draft rating list (good or bad!) today – please drop us a message by emailing email@example.com and we can include your comments in this article.