Posted on 27 July 2020
The redevelopment of historic high street locations
continues to prove challenging due to reduced demand for retail space as a
result of competition from the online retail market. However, there are funding
opportunities available to aid high street development and give local shops a
Prior to the recently announced September planning reforms, the Government launched the ‘Future High Streets Fund’, with Boris Johnson promising a scheme that would “reenergise and transform even more of our high streets - helping them to attract new businesses, boost local growth, and create new infrastructure and jobs.”
It is proposed that the new funding will be used to convert empty retail units into new homes and workplaces, and improve transport and access into town centres in an effort to revitalise these areas.
Clearly something needs to be done to keep the physical high street spaces alive, but will these measures mean that high streets will no longer serve as retail centres for local communities? Or are they destined only to accommodate more cafes and restaurants, residential space and offices?
Will funding actually help? Let us know what you think.
Uncover the full potential of development land using our Development Value and Land Profit calculator.Land Value Calculator