PLANNING
While many women (and a few men)
enjoy retail therapy in city centre stores, every retailer worthy of the name now boasts an online store and a new breed of virtual retailers without a physical presence other than a warehouse for storage, packing and shipping are now formidable competitors to traditional retail outlets.
out-oF-towN shoppiNg Out of town “Shopping and Leisure Centres” have become destinations in their own right providing a family outing. The top 10 centres, out of 100
nationwide, defined by Retail Week, draw shoppers from a wide radius.
Name
1. Metro Centre 2. The Centre 3. Bluewater
4. Liverpool One 5. Westfield
Location sq. foot Gateshead 1,810.00 Milton Keynes 1,700.00 Dartford 1,650.00 Liverpool 1,650.00 London 1,615.00
6. The Trafford Centre Manchester 1,615.00 7. Cabot Centre 8. Meadowhall
9. Lakeside West Thurrock 1,430.00 10. Arndale
Manchester 1,400.00
This suffocating combination of changes in shopping patterns, growth of online retailers and competition from major centres accounts for the sickness of the high street and the near death of many secondary shopping locations. Factor in global recession, unemployment and changes in lifestyles that mean shopping daily – and locally – simply doesn’t work for many people, it becomes clear that the high street is not used in the same way as 30 years ago.
Costs ANd owNErs Vacant property carries a heavy cost;
rates after a short period, regular inspections to check security, insurance, keeping the buildings weather proof, with little prospect of a paying tenant – wasted resources do not come cheap. Town centre property is almost always
held by major financial institutions who saw long leases and upward only rent reviews as wise investments, although a surprising amount is owned by local authorities. Secondary locations are held by a mix of
smaller institutions, family trusts and private landlords, a group of investors least able to stand the financial strain. Many will let on short leases or monthly terms
Bristol 1,500.00 Sheffield 1,451.00
Converting CommerCial to residential property
The Government’s decision to facilitate the conversion of property from commercial to residential aims to boost housing supply, but little is known about this type of renovation, warns the NAEA. Planning regulations have created
restrictions that may make the purchase of properties with the potential for conversion too risky for developers. Peter Bolton King, CEO, NAEA said,
“Theoretically, the Government’s decision to bring in this crucial change to planning regulation will provide a much cheaper alternative to new build properties. It will also go some way to solving the
problems that commercial property owners face – particularly those being hit with high business rates for empty buildings. But such renovations are not simple undertakings. We advise that a thorough evaluation of the work involved is carried out beforehand to avoid additional cost burdens. Those looking for potential sites for
conversion will need to consider the location of the property, particularly since the amenities that might be found in a residential area may be lacking. They must also factor in the additional costs involved with building covenants.” For those looking to convert commercial property, the NAEA recommends: Weigh up cost of conversion vs new
• •
build – although fitting out an existing property might seem the cheaper option, commercial space often requires more skilled labour to comply with standards for residential use, adding to overall cost. Additional building requirements are
often applicable to dwellings such as Part L regulations that ensure compliance to
conservation of fuel and power – check in advance.
•
• •
• •
• Assess points of access – commercial
property is often in town centres where zoning restrictions can affect parking and access, look at this before purchasing property. It is worth contacting the local council to clarify rights of way and parking arrangements.
Similarly, as some premises might have
shared access to additional space upstairs (such as an existing flat), speak to the owners to find out where you stand, as this will impact on internal changes.
Additional external works might not be
exempt – the legislation in question applies to “change of use” only and so any extensions or renovation of shop fronts are likely to be subject to regular planning permission.
Changes to high street premises,
especially in market towns might be bound by covenants that require the facia to remain in keeping with the surrounding area – this could add to the cost. Take a good look at the property’s
surroundings – the area won’t be purely residential. It might be closer to the shops, but further away from a school. Noisy neighbours might also need to be considered if the property is located near to bars, nightclubs and takeaways. Be prepared to wait – some local
authorities adopt a blanket policy when considering change of use planning applications where the property must be placed on the market from anywhere between six and twelve months. If the owner can prove there is no market for the building commercially, they may consider a change of use.
PROPERTYdrum SEPTEMBER 2011 33
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