There’s been a lot in the news lately about high street retailers closing and about more and more commercial properties standing empty. But could there be a solution for landlords with empty properties in the form of events hosting?
Exhibition World recently reported that events management and creative agency Shout About has been utilising empty commercial properties to host events for clients.
It’s launched a “worthwhile use” property scheme, which is designed to help asset managers and landlords generate additional income from their properties that are standing empty.
The news provider explained that Shout About is transforming empty properties and using them as unique venues. “Specialising in taking forgotten locations that may be waiting to be redeveloped or even demolished, Shout About is able to generate income, as well as national press attention, through experiential activities,” it stated.
And the clients who Shout About have worked with are notable names. Red Bull, Adidas, Fendi and Google are among the big brands who have used the agency to organise events for them.
If you’ve got a commercial property standing empty, especially if it’s one that’s slightly unusual, you might want to consider whether it’s an option for you too.
You’ll need it to look the part though, so it could be worth investing in on site paint spraying to make sure your property is in good shape and therefore more appealing as a potential venue.
Retail Week recently pointed out that many retail analysts believe the sector is going through its biggest upheaval since 2008 in the wake of the financial crash. The publication predicted that the retail sector is likely to change considerably by 2030.
One of the notable changes likely to occur is that independent businesses will become the anchor tenant of choice. There’s also likely to be a rise in residential properties on high streets again, as buildings are converted to other uses.
The news provider pointed out that, in the past, the high street was the hub of the community. It was only in the post-war era that retailers began to dominate so much on the high street.
Jonathan De Mello, head of retail consultancy Harper Dennis Hobbs, is among those who believe more residential property will come back to the UK’s high streets.
“It’s coming full circle because a lot of those retail spaces are going to turn back into residential. If for no other reason than there’s a lot of value in that for some of these property developers,” he stated.
However, chief executive of For Ellandi Mark Robinson predicted that there will be a more eclectic feel on our high streets in 2030. He is expecting high streets to get closer to how they were in the Victorian era, where people are “making, repairing and selling stuff on the ground floor, having a small office on the second floor and living on the third floor”.
One theme that many experts agree on is that there’s going to be a lot more mixed-use property on our high streets. If you own commercial property on UK high streets, you may want to start looking at alternative uses for it away from retail.