Property

Sports Direct saves House of Fraser Intu stores

Four House of Fraser stores in Intu shopping centres have been saved from closure, avoiding the loss of more than 1,000 jobs. The Lakeside, Metrocentre, Norwich, and Nottingham stores were at risk of closing after Sports Direct was unable to reach an agreement with Intu Properties landlords. In November, Sports…

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Retail job losses to increase by 27,000, analysis suggests

Online retailers are having a “profound effect” on the commercial property market as the value in retail property is set to fall by 15.9% this year, new research has predicted. Furthermore, job losses and store closures have been forecasted to increase by 26,918 and 3,764 respectively compared with 2018 across…

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HMV ‘denied’ £3.35m tax lifeline before administration

Beleaguered music and film retailer, HMV, who officially fell into administration during the festive period, was denied a £3.35m government tax cut before it entered administration new figures have revealed. HMV blamed a “tsunami” of retail challenges, including business rate levels, saying it paid £15m on sales of £277m meaning…

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MPs launch inquiry into business rates

The Treasury select committee has launched an inquiry into business rates as part of the Housing, Communities and Local Government committee’s wider inquiry into the high street. Chair of the Treasury select committee, Nicky Morgan said the two departments were expected to publish the terms of reference in the new…

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Mike Ashley’s Flannels given £125k rates relief despite £65m turnover

Mike Ashley’s high end fashion chain Flannels has been handed £125,000 in business rates “help” by a local council amid fears that a former pub and nightclub it bought back in 2016 would be left derelict. Doncaster Council agreed the funding to Flannels’ over a “derelict” site at Priory Walk,…

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Retailers could lose out on £496m refund as ATM ruling is appealed

In November, the Court of Appeal ruled that ATMs inside and outside of stores should not be assessed for business rates

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Government clarifies details of new business rates relief

The Ministry of Housing, Communities and Local Government (MHCLG) has published guidance on the details of how business rates discounts first announced in this year’s Budget will be allocated. During the Budget on 29 October, chancellor Philip Hammond announced that businesses with a rateable value of under £51,000 would receive…

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Hammerson completes £236m Highcross sale

Hammerson has completed the sale of its 50% stake in Highcross shopping centre in Leicester to an Asian investor introduced by M&G Real Estate for £236m. The sale price represents a 5% discount to the December 2017 book value. The transaction comes after a successful standard EU competition clearance and…

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Wyevale Garden Centres sells five sites

Wyevale Garden Centres has sold five more of its stores as it continues plans to cut back its retail portfolio as part of a turnaround plan. A Wyevale spokesperson told Retail Sector: “In accordance with TUPE regulations colleagues are now being consulted with on the transfer of their employment to…

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British Land records £42m net loss as retail market ‘remains challenging’

British Land has reported a net loss of £42m in the first half of the year, attributed to the “challenging” retail market and has said it aims to reduce its retail portfolio over the next five years. British Land said that it aims to cut its holdings in retail property,…

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