Fragmented property ownership and the High Street

Martyn ChaseStanhope plc

Future High Streets ForumBritish Property Forum

Fragmented Ownership: issues

• High Streets under stress• Empty properties• London’s town centres face different challenges • Poor asset management• Fragmented ownership• CLG suggested ‘pooling’ properties• Peter Brett Associates propose TCIM• Future High Streets Forum investigating

Fragmented Ownership: JV• JV for property ownership• Organisation and skills to manage property• Scope and critical mass• Funding• Benefits– Co-ordinated asset management– Better tenant mix; less vacancy– Better town centre performance– Added value for investment– Long term business plan

Fragmented ownership: pilot studies

• 3 Pilot studies: leadership/funding under review • Location and area • Mix of occupiers and uses• Public realm, parking and access• Local leadership• Extending the role of BIDS into property

ownership• Establishing the JV

Fragmented ownership: the JV

• The vehicle and how it will operate• Purchase property or pool property or both?• A local vehicle: who to be involved?• Raising finance: loans and equity• A national fund• Business Plan

Fragmented ownership: views

• Merits of the idea• How important is this issues?• How challenging is the JV idea?• Extending the role of BIDS?• Particular issues for London town centres?