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Three quarters of retail landlords turn to repurposing

Oxford Commercial Property Agency News

Oxford commercial property agency working with commercial landlords and tenants. Start-ups to established businesses. Office, retail, industrial and leisure sectors. 

Three quarters of retail landlords turn to repurposing

Amy Williams

Up to three quarters of retail property landlords are either considering or undertaking redevelopments, with 18% already completing projects.

If the amount of retail space at an asset needs to be reduced – or if efforts at repositioning the retail offer does not work – 85% of landlords would consider residential as an alternative use.

This is followed by health and community (80%), according to the latest findings from Savills. The survey gathered responses from 30 companies with 1,000 schemes; these firms collectively comprised 30% high street, 22% shopping centre and 20% retail parks as well as department store, supermarket and leisure assets.

Last mile logistics are being considered as an alternative use by 30% of landlords, largely by retail park and shopping centre owners, given the growth in ecommerce and click-and-collect.

The research also found that 50-65% of landlords were considering improved workspace, student living and retirement living.

Landlords indicated that 43% of their retail assets have a degree of oversupply in retail space, but considered only 31% of their schemes to be relevant to the repurposing proposition.

Only 12.5% of companies believed that repurposing opportunities will be almost entirely constrained to London and the South East. A further 19% expected the majority of redevelopments to occur in London and regional cities. However, the remainder thought these would be more wide-ranging.

Nearly a quarter (23%) stated that they would undertake a redevelopment themselves, while 19% would seek local authority support and 17% would seek a development partner. However, 31% indicated they were more likely to sell the asset, with or without planning permission, rather than undertake the work themselves. Continue reading….

Source egi.co.uk
Photo by Tim Mossholder on Unsplash