Skyscrapers Rising Next to Vacant Towers Mark New City of London
May 19 2021, 8:12 PM
May 19 2021, 9:31 AM
May 19 2021, 8:12 PM
(Bloomberg) When the Gherkin tower opened 17 years ago, its skyline-defining silhouette heralded a new era in the low-rise City of London. Now, a spate of new planned skyscrapers threaten to erase it from view and from relevance.
(Bloomberg) When the Gherkin tower opened 17 years ago, its skyline-defining silhouette heralded a new era in the low-rise City of London. Now, a spate of new planned skyscrapers threaten to erase it from view and from relevance.
As one of the Gherkinâs main residents weighs a move, even iconic buildings risk struggling to keep or replace tenants in Londonâs premier financial district. While the pandemic is emptying City offices at the fastest pace in more than a decade, it hasnât slowed the coming wave of towers. That carries a warning for landlords: if there is a return to the office, it wonât be to d
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International gym operator Virgin Active has won court appeal to have it’s recovery plan implemented against strong opposition from landlords, writes Tom Entwistle.
A London court has ruled in a commercial tenant’s favour allowing it to write off some of its rent arrears on the majority of its venues. Despite strong opposition from its creditors, Virgin Active will now avoid future steep rent payments.
The Virgin branded gym operator has welcomed the court’s decision for its controversial restructuring plan that the company says will save thousands of jobs across its international locations. It argued that had the action been lost, the company feared the business would have had to go into administration within days.
By Steve Farrell2021-05-14T08:50:00+01:00
Source: Unsplash
Business rates are so ‘far removed from the commercial reality’ that ‘in historical terms, this is going to look like a window and chimney tax,’ said Colliers’ David Fox
Plummeting rents mean business rates are now the biggest property expense faced by many shopkeepers, according to British Land.
Business rates are currently based on the open market rental value of property in 2015. For large businesses, the tax is set at 51.2p on every £1 of rent payable at that time, and for small businesses 49.9p. However, because retail rents have fallen so much during the pandemic, instead of being about 50% on top of the rent bill, the tax can now be over 100%.