Unlocking the potential of vacant properties while mitigating business rates is a critical challenge for property owners. In this blog post, we will explore cost-effective solutions for reducing business rates on empty properties, offering insights into creative and effective measures to transform these spaces into lucrative assets.
1. Property Guardianship: Elevating Security and Reducing Rates
Property guardianship emerges as a top-tier strategy for business rate mitigation. By enlisting responsible individuals as property guardians, owners not only secure their properties but also benefit from potential business rates reductions for inhabited spaces.
Benefits:
Business rates relief for occupied properties.
Enhanced security and maintenance.
Swift response to potential issues, minimising damage.
2. Storage Solutions: Monetising Vacant Spaces
Monetising vacant properties through storage solutions provides property owners with an opportunity to generate income while reducing business rates. Collaborating with storage companies allows for the optimal utilisation of space.
Benefits:
Diverse storage options, accommodating short-term and long-term agreements.
Additional revenue stream.
Business rates relief for actively utilised space.
3. Reduced Insurance Premiums: Proactive Risk Management
Mitigating business rates on vacant properties can be complemented by actively managing risks to reduce insurance premiums. Implementing robust property security measures, such as surveillance systems and on-site security, can play a pivotal role in this regard.
Benefits:
Lower insurance premiums.
Enhanced property protection.
Mitigation of potential risks associated with vacancy.
4. Income Generation: Creative Monetisation Strategies
Transforming vacant spaces into income-generating assets involves exploring various avenues, including leasing the property for filming or photoshoots, offering advertising spaces, and providing car parking services.
Film and Photo Locations:
Collaborate with production companies for filming or photoshoots.
Unique, aesthetically pleasing spaces for the creative industry.
Potential for regular income from location rentals.
Advertising Spaces:
Transform vacant exteriors into advertising billboards.
Lease space for banners or promotional displays.
Generate revenue while providing businesses with exposure.
Car Parking Services:
Utilise vacant lots for paid parking services.
Partner with local events for additional revenue during peak times.
Contribute to solving local parking challenges.
Benefits:
Diverse income streams.
Business rates relief for actively utilised spaces.
Community engagement and positive public perception.
5. Corporate Social Responsibility: Charitable Occupation
Charitable occupation presents a unique avenue for businesses to potentially reduce their business rates by 80% - 100% while contributing to philanthropic causes. We work with a carefully selected group of registered charities to use vacant properties to create positive social impact and change within the local community. Each charity is eligible for a mandatory 80% business rates relief. We manage all aspects of the relationship to ensure you successfully receive the rates relief.
Benefits:
Reduced business rates while supporting a charitable organisation.
Fulfill corporate social responsibility.
Encourages a positive impact on both the business and charitable organisations, fostering a sense of social responsibility within the commercial landscape.
Conclusion: Turning Challenges into Opportunities
Mitigating business rates for vacant properties demands a strategic approach. Property owners can unlock the potential of empty spaces by embracing solutions such as property guardianship, storage partnerships, reduced insurance premiums through enhanced security, and diverse income-generating activities. Adopting these innovative strategies not only alleviates the financial burden of business rates but also contributes to property revitalisation and community development.
If you're interested in adopting a business rate mitigation strategy for your vacant property, contact us today to get started with AMBIKA Security.