The British Property Federation (BPF) welcomed the launch of a Government consultation that could see landlords increase their investment in the UK’s high streets by allowing them to contribute to Business Improvement Districts (BIDs).
A key recommendation of the Portas Review, the proposed change would allow property owners to match the funding that retailers put into BIDs - a vehicle that allows traders to come together to fund improvements to their area - and be able to vote and have a voice on proposals such as planning and strategic decisions that affect their property.
Currently landlords are able to make voluntary contributions to BIDs, but have no right to vote on proposals.
Ian Fletcher, director of policy at the British Property Federation, said: “Our high streets need investment and this is one way of generating strategic plans for areas and more funding to support them.
“There has always been strong support across the sector for the more formal inclusion of landlords in BIDs. It is often landlords who will have the long-term interest in improving places and therefore it is something of an anomaly that there wasn’t provision for the formal inclusion of landlords in the original legislation.
“This consultation is very welcome in exploring a workable system that allows landlords to vote on, and if successful, pay a levy towards the improvement of their areas.”
Source: British Property Federation