It’s no secret that stores on the UK’s high streets are closing at high rates and that there are many empty shop fronts in towns up and down the country.
As well as the problems that retailers are having of reduced footfall and more people shopping online, there are other issues with rejuvenating the UK’s high streets – often it’s hard to find out who owns what commercial properties.
The government has now announced that it will set up a new register of retail landlords to make it easier for potential tenants to find out who owns the building or unit they’re interested in letting, the BBC reported.
It cited research by Estates Gazette (EG), which found that there are up to nine different ownership categories for retail units on the UK’s high streets. This is proving confusing for many and can make it difficult for local authorities to get landlords to work together on any regeneration strategy.
James Child, from EG, told the news provider: “If we need to refurbish a particular area for example, if there’s a lot of vacancies then we need to know who’s exactly behind the facade of each shop or regeneration can be very difficult.”
If they can find this out and more regeneration projects go ahead, there could be a greater call for on-site paint spraying services to help revamp units.
Greater certainty over what’s happening with Brexit could also help the situation, a recent article for Morning Star suggested.
The news provider spoke to several REIT managers who all said that there are domestic and overseas buyers waiting to pick up UK commercial real estate as soon as Brexit is resolved. That could mean more money flooding into the high street and even more work to improve run-down areas.