Summerfield Commercial is helping to revitalise town centres across the region by turning underused space above high street shops into much needed homes.
The face of the High Street is changing with the rise in operating costs and increased competition from online shopping causing some retailers to downsize or vacate space altogether, leaving upper floors above shops underutilised.
At the same time, with an increasing need for more housing putting pressure on green spaces, there has been a move to encourage the conversion of unused retail spaces into residential units.
Summerfield has a wide-ranging portfolio of commercial property across the South West and has responded quickly to the change of dynamics. By working closely with its tenants and offering flexible solutions, Summerfield has successfully converted redundant upper floor retail space, delivering high quality homes for rent.
In Taunton High Street, Summerfield let ground floor premises to an art gallery and converted the two floors above into three one-bedroom and one two-bedroom apartments, all of which are now fully let. Above White Stuff in North Street, where the retailer no longer required the whole building, Summerfield carried out a comprehensive refurbishment of the upper floors, providing two, two-bedroom apartments, whilst the retailer continues to trade from the ground floor.
Summerfield also owns a building in Fore Street, Tiverton which is let to Superdrug. The retailer no longer required the upper floors, which were historically arranged as flats, so Summerfield subsequently refurbished and let these on the open market.
First floor space in Bank Street, Newquay, above Holland & Barrett on the ground floor, has recently undergone a comprehensive refurbishment by Summerfield and is now let to Plymouth City Bus. The company, which operates the Go Cornwall Bus service across the county, uses the space as a rest area for drivers.
Will Grant, Portfolio Director for Summerfield, said: “Town centres have changed significantly in recent years. The rise of online shopping has led many retailers to reduce their physical footprint, leaving upper floors increasingly underutilised and, in many cases, vacant.
“We are working closely with our tenants across the portfolio to help them optimise their space, including the strategic recovery and repurposing of surplus upper floors for residential and alternative uses. In doing so, we are increasing the supply of town centre homes and, in turn, supporting the long term revitalisation of the high street.”
