Business rates bills will rise by a total of £1.74 billion next April, to around £27.74 billion, giving unsustainable rises to all sectors of the economy, says John Webber, Head of Business Rates at Colliers, unless the Government steps in and intervenes.
The Operational Capital Markets team at Colliers has advised Cain International on a £150m forward funding transaction with Olympian Homes as part of a wider £500 million forward funding for five new purpose-built student accommodation (PBSA) schemes.
The flow of international students to the UK has been significantly affected by the COVID-19 pandemic but there is evidence to suggest that a strong recovery is now underway for this 2021/22 academic year.
Oliver Kolodseike, a Director in Colliers’ Research & Forecasting team, looks at how Birmingham’s post-pandemic recovery has been spurred on by relatively affordable housing, innovative business creation and strong higher education credentials.
In a country where 20 per cent of households live in private rented accommodation, the British Property Federation (BPF) has reported that only 62,000 dedicated rental properties have been built, with a further 39,500 dwellings under construction (BPF, Q2 2021).
David Hossack, head of the UK Hotels Valuation team at Colliers, explains why the role of a hotels valuer requires not only expertise as a chartered surveyor, but also the skills of a detective, an accountant and even a social worker.
Around GBP2.6 billion was invested into UK commercial property in May, a slight decrease on the previous month, but more than twice the corresponding 2020 figure of GBP1.2 billion, according to Colliers.
UK hoteliers will get a once in a lifetime opportunity this summer as lockdown-weary Britons unable to holiday abroad instead treat themselves with luxury staycations that could help bring a £22 billion boost to domestic tourism.
The Government really can’t leave it any longer before it spells out its proposals for business rates for the beleaguered Retail and Hospitality sectors post 1 April says John Webber, Head of Business Rates at Colliers International.