We are starting to see, amongst terrible unemployment figures, evidence of some clever post-COVID 19 property pivots.
Two stories catch my eye this morning: the McCarthy and Stone plan to repurpose empty retail shops and dealerships into retirement living properties is one; and the other is the tie up between Dobbies and Sainsbury’s for the supermarket retailer to sell 3000 product lines in garden centre premises.
These stories reinforce what we have been hearing in our calls and webinars over the last few months. This is going to be a period of huge change where businesses need to make their real estate really work for them. Dobbies' stores have a huge footprint, lots of car parking so this makes complete sense - a no brainer!
The Maidenhead plan I talked about a few weeks ago identified that later living accommodation is vital to high street regeneration. All generations need to be invested in a town to thrive. Not just youngsters boozing at night, or office workers grabbing a sandwich at lunch. There needs to be something for everyone.
Keep an eye out for more property pivots over the coming weeks and months as businesses adapt to the fallout of the pandemic.
Retirement plan for high street’s shuttered stores