I think his point is that the landlord still has to pay the business rates regardless if the space is tenanted or not, until such time as the landlord choose to demolish the building or can prove that the building is inhabitable.
They’ll not pay the business rates indefinitely though. So it won’t be an income they can say will always be there. Especially a building like Waterview park, it seems a bespoke property and they’d definitely struggle to attract a new tenant to occupy it.
yeah I don’t disagree. You’d expect the landlord to demolish or redevelop unless they can attract some other tenant - which is debatable.
Also may depend if DWP has a break clause in the next few year. If not then landlord might keep building going and empty until the next break clause.
Downside is it seems even more stuck in middle old Industrial estate…Fergusons directly opposite for example
Rueben brothers own that building, trying to claim that they’ve created 9,000 jobs in Newcastle, unbelievableHMRC to move more than 9,000 staff into Newcastle city office block
Bad news for Washington if i am reading that correctly.
I suppose they’re right in claiming the jobs are moving into Newcastle CITY centre…Rueben brothers own that building, trying to claim that they’ve created 9,000 jobs in Newcastle, unbelievable
Yeah what Osklen said no point repeating.
Remember if they do housing they'll get council tax instead. Not sure which will be more but want to say the council tax since most the land is wasted on parking. Honestly don't have a clue there though.
looks like rateable value is £1.5m so rates will be circa £750k per year. This would work out equivalent of about 423 resi units based on tax band D (£1772 per annum). Not sure if that many would fit on that site.
another consideration is that I think the council only retains half of the business rates, with other half of going to central government.
Quite a bit more than I thought then couldn't find the valuation for that one. Longbenton is £5.5m though which in comparison seems low (or Washington is high).
Seems that the difference won't be too much though. Nothing to really affect the council at least anyway and the benefits of the extra people could lead a few more businesses popup potentially.
seems the base rate used is the difference BPV (£60) and WVP (£72).
They’re also Tory donors and a large part of it will be tax avoidance. Guess where the company that own the building are based. Yep that tax haven the British Virgin IslandsRueben brothers own that building, trying to claim that they’ve created 9,000 jobs in Newcastle, unbelievable