It is undoubtedly the case that retailing is changing at a rapid pace. Once upon a time retailers signed 25 year leases with 5 yearly rent reviews and no breaks. Now leases are very flexible with hard pressed landlords lucky to get 3 years, term certain.
The 2015 revaluation, which took effect on April 1, 2015 albeit based on property valuations as at April 1, 2013, has only been dealt with, in part, by the licensed sector. The new 2020 valuation was benchmarked to April 1, 2018 and will form the basis of rates bills from April 1, 2020. The main objective of the revaluation is to equitably reallocate the rates burden across all non-domestic properties in Northern Ireland.
We speak to three of Osborne King’s team about moving up through the commercial property firm and what sets it apart from the competition. From the outset, it’s clear that Northern Ireland commercial property firm Osborne King puts its people at the forefront of how the business operates and succeeds.
Portland based Unosquare have acquired 11,000 sq ft of office space in Belfast city centre. The company, which also boasts offices in the US and Mexico, employs over 500 people globally.
Osborne King’s Rick McCaig held a breakfast launch on Thursday 24th January 2019 at 2-10 East Bridge Street, Belfast. The event showcased the newly refurbished 2nd floor, 6,600sqft of Grade A office space.
The New Year celebrations have now ceased and its back to work for another year. The hospitality sector locally in 2018 was a year which saw limited transactional activity in terms of licensed premises changing ownership and probably the quietest since the early years of the recession. That said one of the main reasons for this inactivity is that the previous five years had seen a considerable shift in ownership of public houses and hotels.