Retail Properties Could Be Revived With £350m Fund

There could be a huge revival of the high street in the near future if the government backs a £350 investment fund.

Platform Places is asking government ministers to commit to £100 million in grants, which will be added to the £250 million of commercial and social investment already gathered. Together, these cash injections will be used to bring 200 neglected retail and commercial properties across the country back to life.

Rebecca Trevalyan, the facilitator of Platform Places, told The Guardian: “Our high streets are not in decline. We just can’t easily get into the buildings and spaces to do the things we need to do to make them thrive.”

Alternatively, the government has been asked to introduce a 50 per cent business rate relief for projects that are run by community-led groups. Otherwise, councils should be allowed to use compulsory purchase orders to renovate abandoned buildings.

The pandemic had a big impact on high streets in the UK, as many retailers were forced to shut due to a lack of custom and lockdowns. In addition to this, the rise in online sales and more people working from home has meant lots of high streets are left with vacant premises.

According to the British Retail Consortium (BRC), 14.1 per cent of the high street was empty during the first quarter of the year, while 10.6 per cent of retail parks had empty properties, and 19 per cent of shopping centres were abandoned.

The government has already introduced a towns fund worth £2.3 billion and a £830 million future high streets fund, which local projects can apply for finance from.

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