With the small business rate relief (SBRR) changes taking place from April 1st, Studio G at Fenham Hall Studios will be eligible for 100% rate relief for qualifying businesses. Studio G is now available to let at just over £1,000 per month (inc heating electric and service charge) +VAT. For more information click box below.
From April 1st 2017, Small Business Rate Relief (SBRR) will double from 50% to 100% and the thresholds will increase to benefit a greater number of businesses.
The change means that businesses renting property with a rateable value of £12,000 and below (doubling from £6,000 and below) will receive 100 per cent relief*, while businesses with a property with a rateable value between £12,000 and £15,000 will receive tapered relief.
In the North East, up to 30,000 businesses could be eligible for this saving (small businesses with 2-19 employees that are most likely to rent business space of this value), amounting to a combined potential saving of £177,000,000 should all of these businesses fully benefit from the scheme.
As a landlord, our office tenants will be affected by the change.
Peter Lambert, Managing Director of Fenham Hall Studios, said: “Until now, only those renting the smaller of our self-contained offices in the grounds of Fenham Hall have benefited from 100 per cent small Business Rates Relief, but the new Rating thresholds mean tenants in the larger units will now also be eligible for 100 per cent Small Business Rates Relief. This is great news for growing businesses or businesses relocating to the North East that will now have access to quality accommodation for less.
“For example, one of our offices (Studio G, a suite of 778.2 sq. ft.) is now on the market which will accommodate around 12 staff for just over £1,000 per month (+VAT), a saving of around £400 per month following the change in SBRR, which is a significant amount to small businesses.”
*100% relief will not apply if the business has other offices which take the total space over the £12,000 Rateable Value (RV) threshold.
Studio G Fenham Hall Studios with 100% rates relief available all-in at just over £1,000 per month (inc heating electric and service charge) +VAT.
Studio G is a self-contained office on the first floor of a modern office building in the grounds of Fenham Hall (below).