HMRC - newcastle city centre



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.
 

Osklen

Midfield
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.
 
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.

I think housing would be my guess for the site similar to the nearby teal farm.
 

Zimba

Central Defender
I think housing would be my guess for the site similar to the nearby teal farm.

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.
 
Downside is it seems even more stuck in middle old Industrial estate…Fergusons directly opposite for example

yeah there’s a lot of lorries there with Ferguson’s and Asda

they’d maybe need to be some creative landscaping between the road…….but the wildfowl park side would be a nice place to live
 

Osklen

Midfield
I think housing would be my guess for the site similar to the nearby teal farm.

ive no idea what the alternative use would be, but having a quick look at the site I suspect it could be more industrial units (seems to be more that sort of use there) or they may find a business HQ willing to relocate especially if rental prices are low and it benefits from significant amount of car parking - but it is a big building at close to 200,000 sq ft.

not exactly sure about resi unless they can relocate some of the other industrial units surrounding it.
 

Cee Jay

Striker
Rueben brothers own that building, trying to claim that they’ve created 9,000 jobs in Newcastle, unbelievable
I suppose they’re right in claiming the jobs are moving into Newcastle CITY centre…

Maybe 6500 of those are simply moving from a Newcastle suburb to the centre but all spin I suppose.
 

Osklen

Midfield
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.
 

Zimba

Central Defender
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.
 

Osklen

Midfield
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).


 

Zimba

Central Defender
seems the base rate used is the difference BPV (£60) and WVP (£72).



Aye think it's based on the market value which is based partially on the rental rate. It tells you calculation on the drop down further down. £43 a metre square seems unbelievably low for where it is especially when offices at Quorum without a metro link are £100 a metre square round the corner.

No wonder they're been shown the door.

Washington seems fair for the place though.
 
Rueben brothers own that building, trying to claim that they’ve created 9,000 jobs in Newcastle, unbelievable
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 Islands
 

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