In this episode, Andrew Jones, Partner in our Commercial Real Estate team, and Rebecca Mushing, Senior Associate in our Planning team, explore the transformative High Street Rental Auction (HSRA) regime. This initiative, part of the Levelling Up and Regeneration Act 2023, aims to tackle long-term vacant commercial properties by compelling landlords to rent out their empty units through a structured rental auction process.
Understanding the High Street Rental Auction (HSRA) regime
The HSRA regime represents a significant shift in how vacant commercial properties on the high street can be brought back into productive use. Designed to tackle long-term vacancies, it empowers local authorities to compel landlords to let out empty units through a rental auction process - a bold step aimed at revitalising high streets and supporting local communities and independent businesses.
How the regime works
Andrew and Rebecca explore how the regime works in practice:
- Which properties qualify, including those vacant for over 12 months or 366 days within a two-year period.
- The powers local authorities have to designate “high street” areas and initiate the auction process if landlords do not cooperate.
- How temporary use changes may encourage diverse and flexible occupation of previously empty spaces.
Implications for landlords
The conversation also tackles the commercial implications for landlords from potential effects on property values and lease negotiations to the legal risks and opportunities the regime presents. They discuss the balance between encouraging regeneration and protecting landlord interests, as well as how councils might handle implementation challenges in practice.
Who should listen
Whether you’re a commercial landlord, property developer, or simply interested in the future of the high street, this episode provides practical insight into what the HSRA regime could mean for you.
Listen now to understand how the High Street Rental Auctions Regime could reshape commercial real estate strategy and the landlord-tenant dynamic.
Disclaimer: This podcast contains material for general information purposes only and does not constitute legal or other professional advice. Every effort is made to ensure that the content is accurate and up to date but users should always seek specific legal advice before taking, or refraining from, an action or relying on the legal information given here.
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