Investors are faced with rising vacant and non-income producing assets as leases expire and are not renewed and/or as a result of the popularity of CVA procedures. This creates a vicious circle that is contributing to a decline in town centres both in terms of its fiscal contribution, economic and community value. While this creates a real challenge for town centres, we believe it is an opportunity for regeneration and place making.
Town centres need to embrace change and move away from a predominance of traditional retail stores and instead embrace technology. There is an opportunity to differentiate from neighbouring town centres and create a community solution by incorporating leisure facilities, homes, health and care provision and entertainment, providing community space for all age groups.
With specialist sector advice across local government, real estate, retail and transport, legal advisors such as DWF can help to effect real change in the future of town centres. But this will only be possible through the continued public and private sector collaboration and investment, which is essential to making our future towns a success. DWF advises all those invested in town centre regeneration - from local authorities and commercial property owners and occupiers to developers – to bring forward complex development projects as well as the regeneration of existing buildings and spaces through public/private partnerships.
DWF's public sector team in partnership with Local Government Chronicle (LGC), conducted a roundtable discussion to establish how retailers, institutional investors and local government can come together to regenerate town centres for the 21st century. Download your copy of our report here >