UK cities are currently facing a revitalisation crisis, with a large number of shops closing down annually. In 2024, 12,804 shops and outlets1 shut down, averaging 35 closures a day. Additionally, “long-term empty” homes (those unfurnished and unlived for over six months) reached 265,061, up by 4,000 from 20232.
To address this, the UK Government plans to introduce a number of initiatives to regenerate largely vacant areas, including the High Street Rental Auctions3. Additionally, several London Planning Authorities, such as the City of London, Camden and Westminster4, have implemented a “retrofit first” approach that prioritises refurbishments over new builds, especially for commercial developments.
As urban space becomes increasingly limited, property owners and developers must consider how existing buildings can be reimagined for developments. This article explores how to maximise assets, the benefits of this approach, and how our experts have helped clients overcome challenges.