FEATURE


EMPTY ASSETS


Nicholas Bye, Business Development Director at VPS Security Services, explores the vacancy problem for FMs – and some potential solutions.


At the beginning of the year, VPS Group warned that the ongoing Brexit saga will lead to a rise in vacant properties in the UK, as owners, landlords, developers and investors become increasingly reluctant to move forward with funding real estate plans and strategies.


Nothing since then has altered the future road map for the property market in the UK, with commercial and residential properties now even more likely to be left sitting unoccupied for longer as the Brexit uncertainty continues.


The Centre for Retail Research found that last year there were 18,443 shop closures across the UK, and forecasts that 22,100 stores will close in 2019. In London alone, Centre for London analysis discovered that 20,000 commercial properties in the capital have been empty for at least six months, with 11,000 of those vacant for two years. The number of empty homes in England has also risen to more than 216,000, and long-term vacant homes now account for £53.6bn of property, whilst 300,000 people are seeking accommodation.


Land or buildings lying vacant or derelict, both in urban and rural areas, become magnets for anti-social or criminal behaviour. For example, every day in the UK, over 200 fires are started deliberately, and many of these will be in or next to empty properties.


44 | TOMORROW’S FM


Neglecting these assets not only makes them more difficult to resell, let or repurpose, but will also force the government’s hands in taking more robust steps to address both the environmental concerns and in trying to square the circle of the growing housing shortage whilst properties remain unused long-term. Derelict land and buildings have an impact on local communities and introducing more robust regulatory powers that can force the sale of such units, could be one solution.


“Centre for London analysis discovered that 20,000


commercial properties in the capital have been empty for at


least six months, with 11,000 of those vacant for two years.”


In England and Wales, as long as there is a proven housing need within the area, Compulsory Purchase Orders (CPOs) can be used where owners refuse to take action


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