Local authorities to be given power to offer empty shop leases at bargain basement prices

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New powers are being given to local authorities to secure empty high street properties and auction off their leases to local businesses.

Under the new High Street Rental Auctions scheme, by this summer local authorities will have been given the power to combat high street vacancy by allowing local leaders who know their area best to take control of empty properties blighting their high streets and rent them out to local businesses that want use them.

The new powers will help councils level up their high streets and tackle wide-ranging issues stemming from prolonged high street emptiness exacerbated by the pandemic, such as low footfall which leads to struggling businesses, increased unemployment and anti-social behaviour.

Where a high street shop has been empty for over a year, High Street Rental Auctions will allow local leaders to step in and auction off a rental lease for up to five years. Auctions will take place with no reserve price, giving local businesses and community groups the opportunity to occupy space on the high street at a competitive market rate.

To help get High Street Rental Auctions up and running as soon as possible, the government is launching new ‘trailblazer’ programme so it

 link source - East Midlands Business Link - Property https://www.eastmidlandsbusinesslink.co.uk/mag/wp-content/uploads/2024/05/Minister-for-Levelling-Up-Jacob-Young.jpeg

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