Further relaxation of planning controls will bring about new development opportunities in empty shop premises according to property experts Colliers International.
Changes to the planning system which came into force in April have eased regulations relating to the conversion of a range of empty buildings from surplus city offices to redundant farm outbuildings.
But Colliers International’s Bristol-based planning consultant Marcus Plaw said the new guidelines also encouraged converting vacant shop units for use as banks, building societies, credit unions or friendly societies.
He said: “The changes have been introduced to enable the effective re-use of retail premises to provide financial services to the public in accessible locations – which could help support struggling High Streets across the West.
“Loosening planning controls will introduce further opportunities for new arrivals in the banking and finance sector to gain representation in retail centres which the Government is keen to encourage.”
Property owners with vacant retail units might be able to let their properties to financial service operators looking to obtain a foothold in the main retail areas or smaller local centres and shopping parades.
Marcus Plaw said centres that had struggled through the recession might offer real opportunities as the economy improves and investment returns to the High Street.
He continued: “Former shop units occupied by credit unions, banks and building societies could act as a catalyst for other nearby vacant properties to be occupied.
“Cash points can increase footfall where they are conveniently located. This, in turn, can help to bolster the health of a retail area.
“Other planning changes that the Government has introduced offer further flexibility in the use of office accommodation and hotels, though care and professional advice should be taken as in some cases it remains with the council as to whether alternative uses will be permitted.”
