Latest News

The evolution of the North East coast leisure market

Published on: 22nd February 2017 The evolution of the North East leisure market has been gaining pace for some time, but perhaps the most striking aspect has been the revolution of the Coast, which has restored its reputation as a hotbed of food, drink and entertainment opportunities. David Downing, partner in our North East valuation team shares his views on the resurgence of the leisure market on the North East coast. North Shields, Tynemouth and Whitley Bay are together witnessing a resurgence, with new venues opening, others being brought back to life, and many adapting their offering to cater for changing tastes, particularly the move towards food-led venues. In North Shields, the redeveloped Royal Quays has seen the popular Herb Garden open its second North East restaurant, adding a further dimension to the marina and taking advantage of the waterfront setting with outdoor seating to cater for consumer demand.

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Aigburth residential investment sold above asking price

Published on: 21st February 2017 Acting on behalf of Duff and Phelps, our Manchester team has sold a freehold residential investment in Aigburth, Liverpool. The Victorian property, located on Alexandra Drive, comprises of ten apartments, and was sold to Helena Partnerships for over £815,000.

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Why leisure is not just location, location, location

Published on: 20th February 2017 The leisure and tourism sector is constantly evolving, and the North East in particular has been through numerous changes. Newcastle and Gateshead are at the epicentre of a food-based revolution, but with the sector flourishing, competition is at an all-time high. It is therefore vital for venues to distinguish themselves from the pack; prime locations are no longer essential to success, providing your offering is distinct and your brand message can be widely and effectively communicated. The success of basement and rooftop bars and restaurants has illustrated that being different can work, providing you have the experience to back it up, regardless of whether you are at street level in a so-called prime location or not.

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Concern grows for business rates reform

Published on: 17th February 2017 From 1 April new rateable values for commercial properties will come into effect, along with reform to the business rates appeal process. It’s the first revaluation in seven years, and the impact it will have on businesses is causing increasing concern.  What are business rates? Business rates are a tax paid by a business owner on any commercial property they own or rent. They are calculated based on the rental value of the property.

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Landlord tax considerations

Published on: 16th February 2017 In 2016 the government introduced a number of disadvantageous changes to the tax that landlords pay and can claim back. Stamp Duty Land Tax (SDLT) You pay stamp duty on the purchase of any residential property costing more than £125,000. The amount you pay is dependent on the property value, as you pay different rates for each ‘portion’ of the property cost, this is outlined in the table below. Last April the government introduced an additional tax on any property owner purchasing a second residential property. On top of the rates outlined above, anyone purchasing an additional residential property for £40,000 or more must pay an additional 3% stamp duty. Capital Gains Tax It is likely that landlords will have to pay Capital Gains Tax on any profits that they make when selling a property that is not their home. Over the pastdecade there have been a number of changes to the ways in which Capital Gains Tax is paid and presently the rate applicable to gains made on the sale of the property is 28%. This tax is payable regardless of whether or not a landlord plans to reinvest the profits into future properties.

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Growth in the out of town Newcastle leisure market

Published on: 15th February 2017 Kevin McGorie and Mark Convery from our North East agency team comment on the changing tastes in the North East leisure market and the increase in popularity of the out of town leisure market. The past two to three years has witnessed a steady increase in the out of town leisure market, driven by social and economic factors and the changing tastes and requirements of customers. The active expansion of out of town retail parks has seen has seen units that were formerly restricted to the Metro Centre or city centres taking up retail space beyond the borders, and with it shoppers have flocked to these new stores.

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Progress made on New Wear Crossing

Published on: 15th February 2017 The centrepiece of Sunderland’s New Wear Crossing, the impressive 100m pylon, has been raised into position. The pylon will took 16hours to be lifted into place and was the first time that something of this size has been lifted in this way, in the UK, since the London Eye was erected in 1999. The £117m bridge is at the heart of the Sunderland’s Strategic Transport Corridor, a dual carriageway that will link the A19 with the Port of Sunderland and Sunderland City Centre. The route, due to be finished in Spring 2018 will aim to reduce congestion and increase the development opportunities in key riverside sites including Deptford and Farringdon Row. We have been involved with the scheme since its inception in 2006, providing Sunderland City Council with assistance in route selection and preparation of site acquisition budgets, and acquisition of land and buildings affected by the route.

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Tees Bay Retail Park Units go on the market

Published on: 14th February 2017 A new pod of retail units, located in Tees Bay Retail Park, Hartlepool, have gone on the market. The units available offer 1,485 sq ft to 3,800 sq ft of retail space, and will be located in the middle of the existing retail park. Letting agent George Williams commented, “This is a fantastic opportunity for a retailer to sit alongside a number of well-known brands, such as Lidl, Halfords, The Range and Home Bargains.

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Businesses in England & Wales could lose out on business rates refunds

Published on: 14th February 2017 Since the last business rates revaluation in 2010, the Valuation Office Agency (VOA) has received over one million appeals from businesses that are thought to be overpaying rates. With the new rating list set to be published on 1 April 2017, businesses now have just two weeks to challenge their current rates liability and potentially get a refund. After 31 March 2017, the Valuation Office Agency will not consider any appeals for business rates paid over the past seven years.

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