Factfile: Business rates in Chichester
House of Fraser has one of the highest rateable values of any retail property in the city but how does it compare to other large stores?
Business rates are based on the ‘rateable value’ of a property, that is, its valuation on the open market as calculated by the government.
Of that figure, a business pays a proportion depending on its size and smaller companies can sometimes be given reductions by the council.
The rateable value for House of Fraser, as listed by Chichester District Council, is currently £402,500.
Of that value, £192,797.50 is to be paid annually for the 69,313 sqft store.
The rateable value of the 7,826 sqft Corn Exchange property is listed as £215,000, of which £105,995 is payable.
By comparision, Marks and Spencers in East Street has a rateable value of £685,000 (£337,705 payable).
Marks and Spencers has said it has no plans to close either of its central Chichester outlets.
Rateable values were last reviewed in April 2015, effective from April 2017, when many businesses found property values had changed significantly since the previous review seven years earlier.