One of the predictions at Savills' thought provoking Cross Sector Briefing yesterday was a growing trend of retail to resi conversions. This fits with how some retailers are starting to look afresh at their portfolios. Travis Perkins latest plans for a retail/resi JV are evidence of that.
Above shop space and redundant retail clearly offer plenty of opportunity for new housing. The difficulty with mixing retail and resi is how to overcome differences in planning, building standards and property regulation (for fundability) and different management and service charge requirements.
Perhaps more could be done to help these two property uses coexist more easily. In the meantime, it can be done but requires some careful thought.
Travis Perkins plans more mixed-use sites By Richard WilliamsThu 14 June 2018 Company reviewing scope for industrial-resi model across its London estate. The listed company is reviewing options at a number of its 182 branches in the capital with a view to implementing the industrial-resi model and has four developments in the pipeline. Three are existing Travis Perkins sites that will be redeveloped with a residential partner and one will be in a new location where Travis Perkins does not yet have a footprint.