The aim of the new laws is to revitalise high streets and rejuvenate town centres, but they could create significant issues for commercial landlords. One proposal, for example, is that prospective tenants should be given a right to bid for shops that have been vacant for more than a year, through ‘Compulsory Rental Auctions’.
Local authorities’ powers to compulsorily purchase commercial premises will also be extended to allow purchases for the public benefit (such as for social housing, or regeneration) against a landlord’s wishes.
Operative date
- To be announced
Recommendation
- Commercial landlords should monitor the rules closely as they take shape, and plan and budget accordingly.
This article from Atom Content Marketing is for general guidance only, for businesses in the United Kingdom governed by the laws of England. Atom Content Marketing, expert contributors and ICAEW (as distributor) disclaim all liability for any errors or omissions.
Copyright © Atom Content Marketing
ICAEW Business Advice Service
Grow your business with trusted business advice. We connect entrepreneurs, start-ups, and SMEs with ICAEW regulated accountancy firms who will provide a free initial consultation without obligation.
