The Council has proposed dividing its administrative area into three separate charging zones for residential developments. Zone A, which will cover Waterloo and Vauxhall, is subject to the highest proposed rates of £265 per sq m.
A proposed rate of £150 per sq m will apply in Zone B, which covers Kennington, Oval and Clapham, and a rate of £50 per sq m will apply in the Zone C areas of Streatham, Norwood, Streatham Hill, Tulse Hill, Brixton and Herne Hill if the draft rates are adopted.
Student accommodation developments are subject to a Borough-wide rate of £360 per sq m and retail developments of more than 2,500 sq m have been set a recommended rate of £115 per sq m. A nil rate levy will apply to all other retail developments.
For hotel developments, the Council has proposed to apply a rate of £250 per sq m in Zone A and a rate of £100 across both Zones B and C. Office developments have been set a proposed rate of £125 in Zone A, with a nil rate levy to apply in the rest of the Borough.
Recommended nil rate levies will also apply to industrial developments and all other types of development within the Borough.
The rates in the DCS remain unchanged from the proposed rates set out in the Council's preliminary draft charging schedule (PDCS), with the exception of the residential rate to apply in Waterloo which had been set at £369 per sq m in the PDCS. The Council consulted on the PDCS last autumn.
The consultation will be open for comments until 12 August.
