Hastings Faces Commercial Property Rate Hikes Amid Revaluation Concerns
Hastings businesses concerned as commercial and industrial property rates surge after QV revaluation
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Businesses in Hastings are alarmed by proposed rate increases for commercial and industrial properties, with some facing hikes of up to 40%. The Hastings District Council attributes these increases to a recent property revaluation by Quotable Value, raising concerns about the potential impact on local businesses and employment.
- 01Some commercial property owners in Hastings could see rate increases of up to 40%, far exceeding the council's proposed average of 5.9% or 9.1%.
- 02Bill Livingstone, a local property company owner, reported an average 25.7% increase across his properties, expressing concern for struggling businesses in the CBD.
- 03Retired project manager John Roil highlighted that substantial rate hikes could undermine business confidence, especially as many operators face rising costs.
- 04Mayor Wendy Schollum acknowledged the critical role of the commercial sector in providing jobs and economic support, while emphasizing the need for infrastructure investment.
- 05Quotable Value indicated that demand for well-located commercial properties has driven the increases, despite a softer residential market.
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Businesses in Hastings are facing significant concerns over proposed rate increases for commercial and industrial properties, following a recent property revaluation by Quotable Value. Some property owners are looking at hikes of up to 40%, which is substantially higher than the Hastings District Council's proposed average increases of 5.9% and 9.1%. Bill Livingstone, who owns multiple commercial properties, reported an average increase of 25.7% in his annual rates, raising fears that struggling businesses in the central business district (CBD) may be forced to close or leave the area. Retired construction project manager John Roil emphasized that such significant increases could damage business confidence, particularly as many operators are already dealing with rising costs. Mayor Wendy Schollum acknowledged the importance of the commercial sector to the local economy and stated that the council is focused on reducing costs while still investing in necessary infrastructure. Quotable Value noted that the commercial property market remains strong, which has contributed to the rate increases despite a downturn in the residential market.
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The proposed rate increases could lead to business closures in Hastings, affecting employment and economic activity.
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