The evil of empty rates

Most towns and cities are suffering a similar fate with industrial property as they now attract empty rates being payable.

Until April last year relief was allowed on industrial property so they could sit there waiting for improvement in fortunes, but with the credit crunch we will see further buildings being knocked down to avoid paying rates

It seems a impossible and foolish situation but these ugly sites may attract the first interest once the market turns.

The developers on macon way , had 2 planning applications on this site but they got turned down, for a retail led redvelopement, so the owners have knocked down the site - leaving an unslightly mess on a prime road into Crewe

Planning consents for employement uses would be welcomed and a new master plan has been commisioned by Urbed to defend and planning application outside this requirement.They have proposed an office corridor , which in essence is not a bad idea but with several ownerships along macon way it will be a long time before it happens.

Apartments - To buy or not to buy?

This property sold just 2 years ago for £138,500 and is now going to auction as a repossession at £40,000, and it is probably doubtful if it will reach its reserve.

By way of update it did reach its reserve, and sold for £61,000 which makes it worth less than half of what is was.

Was it over priced before , or is it over priced now?

So are apartments in town and city centres sustainable. My advice is not to buy yet as this is the first of many that are likely to be repossessed.

The fixed rate deal is probably at an end and it is likely that they can't get a tenant due to over supply.

Firstly, if you do buy it might be a cheap but It is not a bargain, it has just lost 2/3 of its value in less than 2 years and it will drop even further my guess is maybe to about £25,000 before they will start to increase in price.

This is a picture echoed through out the UK and most towns and cities had an oversupply of this type of property I don't think that should not have been built, just the buyers should have been a bit more careful over the purchase.

High Street Crewe

These properties went to auction last week and failed to sell which is a sign of the times, as they are run down properties in an area that should have been regenerated by now.

Several years ago, I set upon a a quest to help with a regeneration, and so far , although it does look like it , I have been successful. Details will emerge over the next few months. I bought in this side of the road for a large property company , but they failed to see the vision that i could see, so they chucked the towel in. The street had gradually gone down hill.

The good news is that a new development will start on site in the next few years and will totally transform the street, and therefore the properties that didn't sell are actually a good buy for somebody and I have not given up on a comprehensive regeneration.

Most of the properties can be bought and a comprehensive scheme will happen, I will put money on it and the Council want a regeneration of this part of crewe.

The property market has started to lag and it is only the tip of the "ice berg" things will get a lot worse. Most property professionals are in the market for the long term, not just a quick win, so 5-10 years of reduced prices has been seen before and it will happen again.

I was amazed a few years ago when folk used to say to me that property would never fall, I knew it would. They took no notice and continued to buy property for the sake of it.

High street , will become a secondary shopping street just off centre to the main town, and hopefully i can see several restaurants down there , some local and some nationals.

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Sustainable Property

Is property sustainable, what does it mean?