Colliers International say some retailers will see their rateable value slashed by more than half
High street retailers across North Wales could see their business rates slashed after the UK-wide review by the Valuation Office Agency(VOA).
The VOA today unveiled the draft results of its first review of rateable values since 2008, prior to the economic crash.
The retail sector was expected to benefit from the review which is based on rental values.
Commerical real estate firm Colliers International have dug into the figures and produced initial results for towns in the region.
The final business rate level is calculated by multiplying the rateable value with a ‘multiplier’ (the number of pence per pound of rateable value) set by the government.
Colliers found that some stores on Mostyn Street in Llandudno could see rateable values almost halved, with an average reduction of around 20%.
In Wrexham they said businesses on Hope and Regent Street could benefit from average falls in the rateable value of 35%.
There could also be major boosts for two high streets - Rhyl and Bangor - that have suffered with high levels of empty units.
Some Bangor retailers could see a cut of up to 47% with a predicted average of 25%.
In Rhyl the biggest win could see the rateable values of some firms fall by 41%, with an average of 30%.
Colwyn Bay firms on Station Road could benefit from 20% cuts while those in the Bay View Centre were projected to see falls of 43%.
Edward Hiller, managing director of Llandudno landowner Mostyn Estates, said: "For the past six years, retailers in Llandudno have in the main suffered excessive rates bills.
"These have in some instances dwarfed other business costs.
"For those that have survived the combined impacts of the past recession, and internet competition, it is encouraging to see their costs can now approach some sense of normality.
"For those that have survived the combined impacts of the past recession, and internet competition, it is encouraging to see their costs can now approach some sense of normality.
"The headline numbers suggest a modest average fall in rateable values within Llandudno.
"However, we have noticed there are some significant differentials.
"There are some very obvious areas we will be discussing with the Valuation Office.
"As a case in point, I fail to see why Vaughan Street has improved over that time. It is just about to lose the Post Office, which could be a significant blow to footfall.
"Retailing supports large numbers of people in the locality.
"For many, this may come in just in time to survive the increased cost to business of the living wage, which progressively increases over the next few years."
Adam Burke , Director of Rating at Colliers International, said that the rate changes looked positive for retailers in North Wales but said other sectors could see increases.
He added that not every retailer will benefit as there will be winners and losers.
see-http://www.dailypost.co.uk/business/business-news/could-shops-your-north-wales-11963260
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