Empty property rates (EPR) are taking a huge toll on new business creations and desperately needed job opportunities, according to Bitzspace, a firm which helps in small business growth. The company which provides managed work space revealed that it has cut off plans for a new development which was supposed to be in the North-East. The development was said to be able to provide 70,000 sq ft of office space which in turn would have created a number of job opportunities.
The firm already has about 30 units in locations like Durham City, Bishop Auckland, Shildon and other places. The managing director of Bitzspace, Gareth Evans, said that the tax which was estimated to cost businesses around the region about 40 million pounds has had terrible consequences. He also said that due to EPR the overheads in the North-East have increased by more than 100 percent because industrial properties that were empty were previously exempted from tax.
The consequences of this development have resulted in the company having much less cash to invest in new refurbishments and schemes. The shelving of the 70,000 sq ft project has eliminated numerous job opportunities and housing for small businesses. The trend can be seen in many places all around the country and due to EPR and reluctance to invest in new commercial property, the quality of accommodation is sure to suffer.
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