We live in interesting times. People talk of a ‘new normal’. Looking forward to a new steady state – not necessarily a welcome one, but at least a landscape to get to grips with and within which to operate.
But, in reality, after such seismic shocks – reaching a steady state will be years away. For the time being the new normal is going to be one of constant change. One impact of that will be Registered Providers, and other developers, holding property that, without some thought, will be lying idle. Development sites that were all ready to go may stall for a while. A number of commercial tenants will unfortunately not survive.
Many tenants of office premises will have concluded that they can operate from their kitchens and will be looking to hand back their keys to save costs. At the same time, we are likely to see an increase in new small start ups as the economy tries to get back on its feet. This means a likely increase in meanwhile uses for the foreseeable.
Our ITL library is bursting with past issues ranging from ‘what to look for when inspecting a site’ through to ‘what collateral warranties are and why we need them’ so why not take a look.
For further information please contact Neil Toner, Partner, Head of Real Estate at Devonshires.
For each issue of ITL, we also run a quiz. Our meanwhile uses quiz has now closed, but why not test your knowledge anyway (note: answers are also below!):
Q1: Meanwhile activity is always appropriate for vacant property pending redevelopment. True or False?
Q2: The only benefit to meanwhile activity is to generate income pending redevelopment. True or False?
Q3: Meanwhile activity is never well received in the community. True or False?