Introducing new funding to boost the building of offices, factories and warehouses could help the Government succeed in “levelling up” the regions, the North East’s largest commercial landlord has urged.
There is a major shortage in high quality commercial property across the country despite thousands of derelict, well located sites.
Huge costs associated with decontamination, clean-up and installation of utilities prevents developers from regenerating them into useful properties for businesses.
Ahead of the upcoming Budget, UK Land Estates has urged the Chancellor to consider reintroducing grant money that was known as “gap funding” in the industry.
David Gibbs, commercial director at UK Land Estates, explained: “Gap funding was highly successful in kick-starting regeneration in many towns and cities across England.
“The Government’s levelling up ambitions require fast, practical solutions to make them reality – and this could be part of the answer.
“The shortage of commercial property – particularly modern warehouse and manufacturing space – is stunting growth because businesses cannot expand or relocate to where skills and supply chains are located.
“This would be a sensible investment by the Government that would be paid back in measures such as regional expenditure and jobs.”
