COMMERCIAL property with a potential annual rental income of more than s150m is lying empty on Merseyside, the Daily Post can reveal.

It means businesses could face combined council tax bills of more than s64m a year for property that is idle and not earning a profit.

A staggering 4,989 properties are empty across the City Region.

And the most valuable apparent white elephants are in the heart of Liverpools commercial district.

There are 15 properties in the city that could attract s1m or more in annual rent, according to values set by the taxman.

The most valuable of them is the Metropolitan Tower situated in Old Hall Street .

London-based property firm Smithpeak Ltd has a long-term lease on the tower from freehold owners Trinity Mirror North West, which publishes the Daily Post.

The Metropolitans Rateable Value a figure fixed by the Governments Valuations Office Agency and based on its potential annual rental income is s6.3m. That means Smithpeak could be stung with a tax bill for more than s3m.

Commercial landlords pay council tax at a rate of either 48.5% or 48.1% of the Rateable Value, depending on the size of the business.

Isle of Man tycoon Albert Gubays Derwent Holdings, which owns empty property on Edge Lane, faces a bill of around s1.9m for one of its vacant lots.

Business leaders warned last night empty properties make areas appear blighted, which in turn puts off potential investors and plunges markets into a downward tailspin. One solution they suggested is to encourage landlords to let offices or shops to charities or social enterprises rent-free by offering to waive the rates.

The plan was the brainchild of Cllr Gary Millar, Liverpools executive member for enterprise and tourism who owns Parr Street Studios. In the economic gloom, he has struggled to find tenants for small offices in Parr Street.

But now he lets charity Blackburne House use the space.