Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
The British Property Federation (BPF) has called on the government to extend the business rates relief for empty properties to 12 months.
The Federation has also called upon the government to reintroduce a 50% rate cut for long term empty stores.
As it currently stands, owners of vacant stores are exempt from business rates for three months.
Research conducted by the BPF alongside Local Data Company found that 9% of empty locations are reoccupied in three months.
Further to this, almost a third of empty stores took more than two years to be reoccupied.
Reletting is challenging across all types of stores with 9.9% of high street stores reoccupied in six months, compared with 7.5% at shopping centres and 10.3% at retail parks.
Melanie Leech, chief executive, said: “Government should be doing everything it can to support the property owners whose investment will be critical to revitalising our high streets and town centres.
“Our analysis shows that less than one in ten empty shops is re-occupied within six months and almost a third lie empty for more than two years, making the current 3-month empty rates relief completely out of step with today’s market conditions.”
She added: “We recognise that business rates generate vital income for local authorities, but it is simply not sustainable for property owners to shoulder this tax burden when there is no tenant or income on a unit. This is effectively kicking someone while they are down, and only adds to the challenge of upgrading and repurposing older stores and attracting new businesses.
“If the Government is serious about supporting high streets and town centres it must extend the period of business rates relief for empty shops and other commercial units in line with the evidence, and reintroduce a 50% reduction thereafter.”
