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1 – 2 of 2Adejimi Alli Adebayo, Paul Greenhalgh and Kevin Muldoon-Smith
The retail property market is constantly adopting to the continuous demand of retailers and their consumers. This paper aims to investigate retail property market dynamics through…
Abstract
Purpose
The retail property market is constantly adopting to the continuous demand of retailers and their consumers. This paper aims to investigate retail property market dynamics through spatial accessibility measures of the City of York street network. It explores how spatial accessibility metrics (SAM) explain retail market dynamics (RMD) through changes in the city’s retail rental values and stock.
Design/methodology/approach
Valuation office agency (VOA) data sets (aspatial) and ordnance survey map (spatial) data form the empirical foundation for this investigation. Changes in rental value and retail stock between 2010 and 2017 VOA data sets represent the RMD variables. While, the configured street network measures of Space Syntax, namely, global integration, local integration, global choice and normalised angular choice form the SAM variables. The relationship between these variables is analysed through geo-visualisation and statistical testing using GIS and SPSS tools.
Findings
The study reveals that there has been an overall negative changes of 15 and 22% in rental value and retail stock, respectively, even though some locations within the sampled city (York, North Yorkshire, England) indicated positive changes. The study further indicated that changes in retail rental value and stock have occurred within locations with good accessibility index. It also verifies that there are spatial and statistical relationship between variables and 22% of RMD variability was jointly accounted for by SAM.
Originality/value
This research is first to investigates changes in retail property market variables through spatial accessibility measures of space syntax. It contributes to the burgeoning research field of real estate and Space Syntax.
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Keywords
Paul Michael Greenhalgh, Kevin Muldoon-Smith and Sophie Angus
The purpose of this paper is to investigate the impact of the introduction of the business rates retention scheme (BRRS) in England which transferred financial liability for…
Abstract
Purpose
The purpose of this paper is to investigate the impact of the introduction of the business rates retention scheme (BRRS) in England which transferred financial liability for backdated appeals to LAs. Under the original scheme, business rates revenue, mandatory relief and liability for successful appeals is spilt 50/50 between central government and local government which both share the rewards of growth and bear the risk of losses.
Design/methodology/approach
The research adopts a microanalysis approach into researching local government finance, conducting a case study of Leeds, to investigate the impact of appeals liability and reveal disparities in impact, through detailed examination of multiple perspectives in one of the largest cities in the UK.
Findings
The case study reveals that Leeds, despite having a buoyant commercial economy driven by retail and service sector growth, has been detrimentally impacted by BRRS as backdated appeals have outweighed uplift in business rates income. Fundamentally BRRS is not a “one size fits all” model – it results in winners and losers – which will be exacerbated if local authorities get to keep 100 per cent of their business rates from 2020.
Research limitations/implications
LAs’ income is more volatile as a consequence of both the rates retention and appeals liability aspects of BRRS and will become more so with the move to 100 per cent retention and liability.
Practical implications
Such volatility impairs the ability of local authorities to invest in growth at the same time as providing front line services over the medium term – precisely the opposite of what BRRS was intended to do. It also incentivises the construction of new floorspace, which generates risks overbuilding and exacerbating over-supply.
Originality/value
The research reveals the significant impact of appeals liability on LAs’ business rates revenues which will be compounded with the move to a fiscally neutral business rates system and 100 per cent business rates retention by 2020.
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