Banking on new uses…?

“Problem is two of the empty units we have are ex-banks.”

It’s something I heard again this week while out & about with #TheVacantShopsAcademy, and is a regular challenge places face.

🤔 Why…?

• Often the size, frontage, layout don’t suit alternative #highstreet uses;
• They’re in #heritage buildings with added requirements to get them back into use…

💷 …and in any case that means (with the exception of the cities which swept away that relief) there’s no business rates to pay while empty, so reducing the incentive to find a new tenant;

• The bank paid a higher rent than the market can match now so the landlord holds on in hope…
• …they may even have left with time to go on the lease and so are still paying, again reducing the chances of a new tenant being sought.

🏫 If that’s your town or city centre, you could be looking at high profile, large units sitting empty for a while.

Unless.

As part of a ‘place partnership’ approach bringing together agents, landlords, businesses, community, council(s), BID where there is one, you lend a hand.

💡 It may appeal to some #retail or #hospitality uses if you go looking for those in that group; it might work for arts & crafts, creative, culture, community, leisure or similar uses; splitting up (either to create smaller ground floor units, or separating away the uppers) might be an option; a tackling vacancy grant may help; a #popup project could get things started…

It’d be great to hear what’s occurring with former banks in your place or if you’d like help exploring the possibilities.

Let us know…