Property
In South East Wales we have a property to suit your business needs. There is a wide range of commercial property available at affordable prices in the region, from Traditional to hi-tech BREEAM standard premises on sites ranging from Greenfield to prime city-centre locations and all at highly competitive costs. At Capital Wales we provide you with a free property search click here to request your search.
Rental levels
The comparatively low cost of renting high quality property is a key factor in attracting new businesses to South East Wales. Rental levels are variable, dependant on market pressures, economic climate etc and always subject to individual negotiation. However as a guide below are some examples of rental levels.
Typical office space, dependant on location, varies between £5.00 and £15.00 per sq ft, with Cardiff generally being higher than the Valleys or Newport. Industrial space varies from £3.00 per sq ft upwards, and distribution units are available from £1.50 per sq ft. Unit sizes vary between 500 and 200,000 sq ft. Please note that rental levels do vary and reflect demand.
The region has some of the highest quality commercial property in the UK yet has lower rental prices than Bristol, Manchester and Birmingham and are highly competitive compared to London.
A recent report (Dec 2011) reported that SE Wales offered some of the most cost effective options for ‘Prime Industrial Rents’ in the UK. Click here to view the breakdown of costs.
The report covered the 11 regions of mainland UK and its major cities found Wales had average rents of £4.69 (per sq ft.) compared to £5.60 in the East Midlands and £6.25 in the South West, the only region to top Wales for low rental costs was North East England. (The UK average was £6.41 sq ft.)
A move across the Severn Estuary, along the M4, from Bristol to Newport could save around £3 sq ft. (Bristol £7.50 – Newport £4.50 sq ft.) in rental costs, this combined with lower average salaries could save a business several thousand pounds a year in overheads, vital during these tough economic times.
Business Rates
Business Rates or Non-Domestic Rates (NDR) are a property tax paid on non-domestic properties. They are the means by which businesses and other users of non-domestic property contribute towards the costs of local authority services. Non-domestic rates are calculated by taking the Rateable Value (RV) of a property and multiplying it by the non-domestic rates ‘multiplier’ or ‘poundage’ for the year in question. The Welsh Government sets the multiplier each year: it cannot be increased by more than the previous September's retail price index.
The multiplier for the financial year 2011-12 is 0.428, meaning business rates for the 2011-12 financial year are set at 42.8p in the £.
All non-domestic rates are collected and paid in to the Welsh Government’s Non-Domestic Rates Pool. They are then redistributed back to local authorities as part of the local government revenue settlement each year.
