High Street Rental Auctions Are GO!

The commercial property world has been hearing about the possibilities of high street rental auctions since Spring 2022 as an attempt to deal with vacant properties within our high street environments but in the last month, the first successful letting as a result of the process has occurred!

There are 11 local authorities piloting the scheme:

• Barnsley Metropolitan Borough Council;
• Broxtowe Borough Council;
• London Borough of Camden;
• London Borough of Hillingdon;
• Lichfield District Council;
• North Northamptonshire Council;
• North Somerset Council;
• Westminster City Council.
• Bassetlaw District Council
• Mansfield District Council
• Darlington Borough Council

The first successful letting was within Broxtowe Borough Council, in Stapleford – a new hair and beauty business is starting.

On our own patch, North Northamptonshire Council has just launched its first consultation about designating high street areas within Kettering, Wellingborough, Rushden or Corby for the process:

High Street Rental Auction – North Northamptonshire Council – Citizen Space

Landlords are probably rightly a bit nervous about the process but if it works, we are all winners.

The key thing for landlords with vacant properties within those towns, or the agents managing them, is to ensure their address for service of notices is up to date at the Land Registry and if any notices are received, to engage early with the local authority.

If you are a new business or community venture wondering about taking on your first premises, keep your eye out on the council’s webpage for properties (although any rental auction properties will also need to be advertised on at least one property website) – this may be your opportunity.

If you want any detailed advice on your rights and responsibilities under this process please get in touch with the commercial property team at Wilson Browne.