Plans to support cycling commuters moving forward in Nine Elms

Plans for a new cycle route through Nine Elms are moving forward.

Transport for London has published a report on its consultation into a scheme to make it easier to walk and cycle on Battersea Park Road in Nine Elms, with 60% strongly supporting the new cycling infrastructure.

The changes will bring a mix of protected and mandatory cycle lanes to the area, as well as improvements to Queenstown Road junction and improved pedestrian crossings.

The work is being funded by Wandsworth Council and local developers.

“We’re determined to ensure that everyone in London is able to walk and cycle safely and these changes will be an important new addition to the capital’s network of highquality cycleways, as well as making it easier to walk and cross this busy road,” said Helen Cansick, TfL’s head of healthy streets investment.

The plans include 150m of protected cycle tracks with physical segregation; improvements at Queenstown Road junction so cyclists can move off before general traffic; dedicated cycle lanes guiding people across the junction going both east and west; a cycle gate for people cycling eastbound; new 20mph limits along the whole of Battersea Park Road; improved ‘straight across’ pedestrian crossings at the junctions with Queenstown Road and Prince of Wales Drive; new bus shelters featuring real time bus information for stops serving Battersea Park Station; one-way entry to Meath Street from Battersea Park Road; and the relocation of existing loading and parking arrangements from the main road to side roads.

Feedback from the consultation revealed that 67% believed the scheme would encourage many or some more people to cycle, with 53% saying the same about walking. It also showed that 60% of respondents strongly supported the proposed new cycling infrastructure.

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Retail tenants on Central London’s prime retail streets are set to see £96 million slashed from their business rate bills signalling a huge boost for the sector. The new rates are set to come into force on 1st April 2023 following the announcement of the £13.6 billion government support package in last years’ Autumn statement. This move is seen as a welcome relief for struggling retail tenants.

Business rates are charged on all nonexempt, non-domestic properties such as shops, offices, and warehouses. The standard position in leases is that the tenant is responsible for the payment of such rates. Rates are based on the underlying value of the property and can be a significant burden for retailers. The current business rates are based on values from April 2015 and therefore do not reflect the current values in the retail sector. The high street has faced significant challenges in recent years, with the rise of online shopping and changing consumer habits leading to a decline in footfall and sales. This coupled with the pandemic has resulted in retail values plummeting. The government has committed to three yearly revaluations from 2023, a move that will help business rates reflect actual market conditions and be relevant.

According to research from Knight Frank, retailers with shops on Bond Street, Oxford Street, Regent Street, Kensington High Street, King’s Road, Knightsbridge and in Covent Garden are set to see the biggest cuts of 30%, paying an estimated £222 million in business rates in the financial year to April 2024.

Oxford Street in particular will welcome the relief following the loss of a number of high profile tenants such as Debenhams, House of Fraser and Top Shop that once attracted mass numbers of shoppers. The reduction in business rates will make it easier for retailers to stay afloat and reinvest in their businesses, attracting more customers to the high street, a boost in sales and economic growth.

According to CBRE, operators are starting to trade well and make money again on Oxford Street, which is fuelling other retailers’ appetite to get a piece of the action. This coupled with a cut in business rates leads to a bright outlook for one of London’s most desirable shopping haunts. Whilst business rates have been crippling for retailers in recent years, they have also been barriers for international brands. The cut in rates could be the catalyst required to see an international brands setting up shop or to existing brands extending their portfolios.

Whilst crippling to tenants, landlords’ have also felt the pain of business rates. With more and more shop closures and limited windows for relief, landlords have looked for ways to limit their exposure.

Methods include short term lets and leases to charities who take on responsibility for rates. On occasions where such occupiers cannot be sourced, the cuts will alleviate the burden.

The benefits for retail tenants are not confined to tax cuts. Having ridden the wave of re-gears during the pandemic acquisitions are back on back on the horizon. The legal world is seeing the emergence of more and more innovative ways of structuring incentives and rent frees to protect ever important cash flow. Turnover rents, either as a ‘top up’ with a reduced base rent or in place of a base rent are also a much more common feature of retail leases; sharing the risk and reward of success (or failure) of a tenant’s business. Furthermore, average lease terms are currently a fraction of what they were and break rights are common. These mechanisms can be utilised to structure a lease so as to minimise tenant exposure to fluctuating market conditions.

Store driven retailers have been forced to change by rapidly changing, and at times hostile, market conditions in recent years. The upcoming business rate cuts together with considered legal drafting can hopefully support the re-emergence of our high streets.

If you would like to discuss any of the topics mentioned in this article, please contact Katie Cooper in the Russell-Cooke real estate team.