The time for change in CRE is now

If ever there was a time to feel positive about what could be ahead for CRE, it’s now.

After years of stagnation in the development of some of Norwich’s prominent buildings, caught up in bureaucratic red tape, Labour’s proposed planning reform could finally pave the way for action.

Large voids within the city such as the former Debenhams and Wilko stores remain vacant, and the Anglia Square site has not fared well recently seeing its developer pull out of the proposed regeneration scheme after years of planning delays.

However, there appears to be some positive market activity, with Norwich City Council reportedly seeking a government grant to purchase Anglia Square and bring the site into public ownership.

While the council are in the early stages of discussions with the government, such proposals can work - as seen by Bedford Borough Council’s recent acquisition of its town’s Debenhams store for a mixed-use development scheme via a similar route.

However, Norwich City Council would require full investment to fund the £8.5m purchase.

Can the Labour government offer a solution?

Whilst much of the proposed new planning policy is focused on the essential need to build more homes, Labour has pledged a radical shake up of the business rates system in a wider bid to create incentives for investment, tackle empty properties and support entrepreneurship.

Labour has stated it will look to use public investment to unlock private sector investment – but hasn’t given details of how. With a slight pick-up in the economy and drop in interest rates, can investors be encouraged to look at opportunities in the high street again?

Certainly, I welcome the ‘let’s get things moving’ attitude.

With such large and prominent redevelopment opportunities sitting empty within the city, we need to see a reinvigoration of CRE as the economy recovers.

We are still being impacted by inflation, nutrient neutrality stalling planning schemes and in the case of Anglia Square, the former government’s decision to overturn historic planning consent, and we therefore need the details of how and when investment can be incentivised if we are to overcome these obstacles.  

For Commercial property advice and investment, please contact Katie Bates, Commercial Surveyor, in our Norwich office on 01603 629871 or email katie.bates@brown-co.com

Read Katie's column in the Eastern Daily Press