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Bricks & Mortar RetailersRetail SpacesThriving High Street

Plans to force landlords let out vacant retail units

There are Government plans for vacant shops to come back to life on our high streets by forcing landlords to let out retail units that have been vacant for over six months. The new powers will be introduced as part of the Levelling Up and Regeneration Bill.

  • New Government powers aim to make landlords to let out vacant retail units
  • Shops that have been empty for at least six months could be rented by force
  • If the owner can’t let the shop, then councils will be able to hold an auction

Of course, everyone would wish to see the traditional high streets and town centres regenerated and flourish, but have the shopping habits of the nation changed forever, with the popularity and convenience of online shopping (brought even more to the fore during the pandemic)?

We all hope that high street culture be revived and we will have to see what effect the plans will have on property prices and rental values in designated areas. Lending criteria could be affected in those areas and we will have to see how local authorities will cope with the administrative burden.

To read more of the article in the Daily Mail that covered this:

https://www.dailymail.co.uk/news/article-10726923/Plan-force-landlords-let-retail-units-vacant-six-months.html

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