VALUATION OFFICE WEB SITE SHOWS MALTON RENTS ARE EXTREMELY COMPETITIVE
Figures from the Government’s own Valuation Office web site show that rents in Malton are extremely good value for money when compared to the similar sized towns of Pickering and Driffield –rather than being significantly higher as many people often think.
Figures on www.voa.gov.uk show what the valuation office thinks the rent is worth for shop space in each town. These values are then used to calculate the rates bill.
(Note, historically the government valuation is lower than the actual market rent paid by retailers, but provides an invaluable independent comparison between the value of shops in similar locations in different towns.)
Driffield in the Yorkshire Wolds has a population of 11,500, Malton and Norton combined of 12,000 and Pickering 7,000.
Figures on the web site divide retail space into three zones A, B and C-with zone A being the prime location within a shop, the front six metres, and B and C each a further six metres behind that. Zone B rental values are half that of A, and Zone C half that of B.
Figures for shops on Driffield’s main shopping street- Middle Street – value the prime zone A retail space at up to £300 per metre square.
Zone A retail space in Pickering’s Market Place is valued at £240 per m2.
In Malton’s Market Place, Zone A retail space is valued at £160 per m2 and in Wheelgate is £265 per m2.
On the basis of these independent figures it is clear that comments about high rents in Malton do not actually hold water when comparing with valuation of rents in these other similar towns. In fact, if anything, it shows that Malton’s rent valuations are often significantly lower than elsewhere.