Article DetailsBusiness Rate Relief On Empty Pubs Scrapped |
| Date Added: May 01, 2009 09:30:41 AM |
| Author: Ian Brown |
| Category: Real Estate Marketing |
| Pub sales agent is slashing prices folllowing new rules on empty rate relief. Pub prices are falling because of the scrapping of rate relief on empty pubs, one agent has claimed.London-based agent Paramount Investments said it is slashing prices on “dozens” of pubs as a result of the new law which came in on April 1.The changes mean owners of empty pubs will now no longer receive rate relief on their property if it is empty for longer than three months.Pubs in the North West and North of England and Wales have been particularly affected, Paramount said.Managing director Mark Grieg said: “There is no doubt that the end of the rent rebates on vacant properties is adding to the downward pressure on prices.“Of course, this is good news for entrepreneurs who can see the potential in these sites as winter draws to a close and with better weather in prospect.”However, Angus Jackson, a valuer at agent Sidney Phillips’ Welsh office, said he had so far seen “no evidence” of a drop in prices due to the changes. But he added: “It could bring more people to the market. And if people are looking for a quick sell, then they could compromise on price.“Although most people with empty pubs will be big corporate companies and will have adopted a policy to cope with the new rules.” Paramount Investments are specialists in sourcing freehold and leasehold pubs for sale and other pub company or brewery investment opportunities in England, Scotland and Wales for potential property investors.
Paramount Investments 150 West End Lane Web: http://www.paramount-investments.co.uk |
