As of Monday (2nd December), local authorities have new powers to be able to auction off leases for commercial properties that have been empty for a while, helping high streets revitalise and encourage growth up and down the country.
High Street Rental Auctions will create a ‘right to rent’ for businesses and community groups, giving them access to city, town, and village centre sites. These come as a measure to stop landlords sitting on empty lots for more than 365 days in a 24-month period, before councils can auction a one-to-five year lease.