UK empty shops need to turn into residential

Changing the fleet of empty shops on the UK high street into residential properties could help solve the problem of escalating vacancy rates according to respected retail consultant, Jonathan De Mello, of CB Richard Ellis. De Mello, head

of retail consultancy at estate proprietors, CBRE, claims that a new strategy to change the list of empty shops would be of benefit to the housing market and also retail communities.

With retailers showing ever greater favour to opening shops in retail centres or out of town locations, diversifying high streets could be the answer to reducing vacant space and boosting footfall in the shops continuing to function.
“With recent retailer administrations such as Habitat, Jane Norman and TJ Hughes adding to the UK’s already high vacancy rate, it is clear that concerted action needs to be taken in order to regenerate some of our more blighted high streets,” said De Mello.
The CBRE representative has urged both national and local government to recognise that action must be taken to reinvigorate UK high streets.
“As well as the clear benefit such regeneration would bring to these centres, it also makes good business sense for the owners of these currently vacant commercial properties,” he explained.

“Despite the current shortage of housing available to first-time buyers, there are more than a quarter of a million vacant commercial units in the UK, many of which are left empty or derelict. “Not only would property owners be helping to halt the spiral of decline some of our towns are currently witnessing therefore – they should also be able to make a considerable amount of money too.”