Connecting Crouch End and Hornsey with news, views and information
Business rates are levied on business premises the old fashioned way. While domestic rates (now called council tax) depend on grading house by their value into bands, whereas each business premise is given a nominal value on which rates are then calculated.
The government has recently announced a revaluation. Some areas are winners from this - where business property values have gone down - while others will see business rates rise. This business rate analysis from Allsop shows that Watford , Ealing and Brent Cross have seen reductions, while Oxford Street , Westfield and Regent Street have seen increases.
So , what of Crouch End.
For instance Snappy Snaps - 30, The Broadway, London, N8 9SU. The government website with the data shows an increase in the rateable value from £26,500 to £35,750 , which if I've read the Haringey website correctly means the amount payable goes from £13,170 to £17,767, which I make a 35% increase.
For another instance - The Three Compasses Hornsey High Street - will change from £41,750 to £32,750, payable £20,750 to £16,277 which is a 21% decrease.
A failry marked difference for just two properties in the N8 area.
It's not the only thing due to hit Crouch End, the Sainsburys at Smithfield Square on Hornsey High Street is due to open some point next year too - sucking 10% of grocery turnover from Crouch End. At least according to the reports of a few years back.
The store is substantial (35,000 sq ft), not quite the size of Sainsburys Harringay Green Lanes (46,000 sq ft), but of that order, and with an attached car park of 114 spaces. The new Co-op on the Broadway already looks to be underperforming and is likely to be hit hard (the Co-op is 8,600 sq ft, if you were wondering - a quarter of the size).
The debate is surfacing on Facebook as the implications for local businesses kick in. David Ward offers this comment -
I think Crouch End high street is under serious threat of survival!
l have just found out that our business rates have been hiked up over 65% from £11,000 to £18900.00 per year. And my neighbours has gone up over 10k too. These increases are probably unsustainable and there's nothing we can do about it, so if you think we had a lot of charity shops now just wait until April when this all kicks in. It's very sad.
The question is - is there anything that can be done?