Analysis by the think-tank Onward shows that Government plans to force landlords to rent out empty high street premises could bring tens of thousands of shops back into use.
The research found there are about 58,000 shops empty across the UK. The Government's proposals would give councils the power to hold a rent auction where a town centre shop had been empty for more than a year.
Will Tanner, director of Onward, said: "Empty shops ... aren't only a very visible sign that the local economy is in dire need of levelling up, they are also a blow to civic pride". He added: "Auctioning off empty units for the benefit of start-ups, community groups and charities would transform the face of high streets across the United Kingdom."
The think-tank’s report said that two types of owners - financial institutions and overseas investors - account for half of all empty properties because they have little incentive to accept lower rents.
British Financial Institution Northumberland Estates have openly warned Northumberland County Council via the press that 50% of its properties in the Keel Row shopping centre smack bang in the middle of Blyth, the counties largest town, are empty.
A local business source linked to the centre stated that the ‘County Council are planning to build a three screen cinema in the centre of Blyth’s market square when they could redevelop the Keel Row into an excellent cinema and shopping experience 50yds from their chosen site to benefit the whole community’, ‘especially if they also reopen Regent Street to traffic enticing shoppers to drive through the central commercial heart of the Town instead of bypassing it’.
Remodelling the Keel Row would also protect the view across the Town Square keeping it intact between the shops on Market Street and Waterloo Road where events including the carnival, the xmas market, summer fair, art and music events could be held in Northumberland’s best and largest Town Square.
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