Devil is in the detail

Some surprising variations in Rateable Values have emerged from new list

11 October 2016

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The draft 2017 Rating List was published on 30th September. The VOA provided a detailed breakdown by region and sector for properties in England. However, Welsh changes were released with an analysis of changes by property sector only. Cooke & Arkwright has now produced a breakdown of the movements in RV for each of the 22 Unitary Authorities in Wales. This has revealed a wide variation between authorities, with for example, an 11% decline in Neath Port Talbot against a 9% increase in Conwy. Within each Unitary Authority the distribution of winners and losers is even more pronounced.

A public house in Conwy has seen its RV rise by 406%, while the RV of a large shop in Llandudno has fallen by 48%. In Port Talbot, the RV for a food stall has risen by 225% and a shop in Neath has seen its RV fall by 54%.

While Cardiff shows a decrease of -3.48% and Newport -7.51%, the increase in overall RVs within some of the rural authorities in mid and north Wales especially Gwynydd, Conwy, Cerdigion and Powys, is, perhaps counter-intuitive. The declines in RV in the industrial heartlands of Neath Port Talbot, Rhondda Cynon Taff, Merthyr and Blaenau Gwent are unsurprising. 

I have worked with Jeremy Symons over the past three years successfully leasing and buying property in support of my business. I continue to be very pleased with his knowledge of the market and expertise. Our relationship over this time has resulted in acquiring 20,000 sq ft at Capital Business Park in Cardiff, leasing 11,000 sq ft at Southpoint, and subsequently leasing an initial 42,000 sq ft at Parc Bedwas, followed by a succession of expansions of a further 11,000 and then 47,000 sq ft, enabling us to centralise all of our operations at Parc Bedwas in a single 100,000 sq ft facility. The acquisitions were completed at the perfect time for tenant purposes and the rent fixed throughout the term at very economical rates. A job well done.

Bob James, Aerfin