Newly built commercial property to be exempt from empty property rates

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Marion Cane, director in EY’s real estate team, commented,

“While the announcement on the empty property rates relief should be welcomed as a ‘helping hand’ it could have gone further in its support. Although there will be an extension of the relief from three months to 18 months, it is only for newly built commercial property completed on or after 1 October 2013, subject to state aids limits.

“This is clearly good news but there is no concession for landlords of existing properties who are struggling to find tenants who need relief now. The measure will, however, be complemented by a doubling of Small Business Rate Relief for an extra year.”