News: RATES REVALUATION MAKES HULL A LAND OF RETAIL OPPORTUNITY

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RATES REVALUATION MAKES HULL A LAND OF RETAIL OPPORTUNITY

Posted: 19 September 2017

“New research from CACI has identified the top retail locations in the UK which following the business rates valuation will actually be more affordable for retailers.”

The research looked at medium sized areas which have all seen a drop in rating valuations of at least 20% and could begin to attract cost conscious retailers.  Hull has been identified as one of these locations with an average fall of rates across the city centre retail accommodation of 27.06%.”

“Alex McCulloch, Associated Partner of CACI, said: ‘London has been a major focus for a lot of retailers who have been looking to expand but with the revaluations there are now a lot of great opportunities outside of the capital.  Figures show that despite a lot of preconceptions around the business rates change there are areas that have a lot of potential which have been previously overlooked.  If retailers are looking to grow their coverage across the UK it would be worth investigating some of these areas and taking advantage of new locations.”

Source - ‘Shopping Centre’ Magazine. Published September 2017

Nick Coultish (Commercial Property Surveyor at Scotts Property) believes that the business rates revaluation makes Hull a more attractive proposition for retailers.  “The business rates revaluation has opened up a land of new opportunity for retailers in Hull.  The rebalancing of the business rates in the city centre has made the retail accommodation much more affordable for occupiers of local, regional and national scales.  This, coupled with the city’s continuing status as UK City of Culture 2017, makes Hull an ideal location for retail establishments to open for business.”

www.shopping-centre.co.uk