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Business Premises Renovation Allowance Schemes

Business Property Renovation Allowance (BPRA) was introduced in the Finance Act 2005 to encourage the renovation of property in Designated Disadvantaged Areas. 

BPRA allows individuals or corporates who own or lease property in a Designated Disadvantaged Area, to claim full tax relief (100%) on any capital expenditure used to convert or renovate commercial property, in order to bring it back into business use.

Designated Disadvantaged Areas are defined as Northern Ireland and other areas specified as development areas by the Assisted Areas Order 2007.  Perhaps surprisingly, this includes some city centres that would probably not ordinarily be considered disadvantaged, for example parts of Liverpool City Centre.

The scheme came into effect from 11 April 2007 and is effective for qualifying expenditure incurred on or after that date.  It is intended that the scheme will run until 11 April 2017.

Below is a list of Business Premises Renovation Allowance Schemes which Chancery have arranged and promoted.

Beneficial House (Birmingham) Regeneration LLP

The Property is Beneficial House, located at the corner of Paradise Street and Suffolk Street in central Birmingham.  It will be subject to a major redevelopment and refurbishment programme leading to the creation of a 100 room all-suite hotel aimed at the corporate market.
Inverclyde Property Renovation LLP

There are two buildings being renovated.  The first is the historical "Old Library" located in Wallace Place, Greenock. The building was last used by Inverclyde Council as its housing office.  The proposal is to renovate it into offices for the Council's own use.

The second building is the former Peacocks Store located at 11/19 Princes Street, Port Glasgow.  This was acquired by the local Urban Regeneration Company with a view to conversion into offices which will be let on a long lease to the Council.

Stanley Dock (All Suite) Regeneration LLP

Stanley Dock is situated approximately 1.25 miles north of Liverpool City Centre.

Stanley Dock comprises of former Victorian dockside warehousing.  The North Warehouse, completed in 1846, comprises five floors above a basement.  This is to be refurbished to provide a 150 room All Suite Hotel.

Stanley Dock

Clackmannanshire Regeneration LLP

Alloa is the county town in Clackmannanshire set in the central lowlands of Scotland.  Formally a port, it is now the administrative centre of Clackmannanshire Council.

There are two properties to be renovated, being a former mill warehouse and a former mill factory shop.  Together they will consist of circa 60,000 sq ft of lettable office space.  The properties being renovated are situated in the local authority area of Clackmannanshire, Scotland. 

Clackmannanshire


THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE BPRAs.
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