High Street Rental Auctions: A new Lever for Revitalising Town Centres

High Street Rental Auctions (HSRAs) mark a notable shift in retail and town centre policy. Introduced by the UK government, this initiative is designed to tackle long-term vacancies in commercial properties by empowering local councils to auction leases on retail units that have been unoccupied for over a year. 

At Green Street, our granular data allows for detailed analysis at the Local Authority and High Street level, identifying exactly where HSRAs could have the most transformative effect. For investors, local planners, and landlords alike, this insight offers a powerful lens to understand risk, opportunity and potential value creation. 

For landlords and investors, this represents more than just a policy change – it’s a shift towards more proactive asset management. Rather than allowing high street properties to remain idle and lose both value and relevance, the HSRA scheme enables councils to reintroduce these spaces to the market through vibrant town centres and reduced retail voids, while unlocking previously untapped value. 

From an investment standpoint, vacant properties can quickly shift from being assets to becoming liabilities. Beyond the loss of rental income, empty units can negatively impact neighbouring properties, reduce footfall, and create a sense of decline in an area. The HSRA scheme offers a compelling solution – by reactivating long-vacant space, landlords may see not only financial returns but also reputational and community value. 

The scheme has been adopted by 11 councils to date, but as more councils gain confidence and join in, HSRAs may become a key lever in boosting town centre resilience. 

Percentage of Local Authorities within GB Average Persistent Vacancy Rate %:

Green Street is uniquely positioned to help stakeholders understand where HSRAs might have the greatest impact. Across Great Britain, an average of 9.6% of retail units qualifying for the scheme, having been persistently vacant for over a year. But a regional breakdown reveals striking variation in potential uptake. 

For example, 100% of Local Authorities in the North East have a higher-than-average proportion of qualifying units – suggesting the scheme could make a significant difference in these areas. By contrast, in Greater London, only 3% of Local Authorities exceed the 9.6% threshold, highlighting the more contained nature of persistent vacancies in the capital. 

As the retail landscape continues to evolve, initiatives like HSRAs – and the data to support their implementation – are set to play a pivotal role in shaping the future of the high street. 

Green Street’s Retail Analytics Pro unlocks new possibilities for investors, occupiers, and public sector stakeholders, supporting data-driven decisions that enhance retail performance and local regeneration. By combining advanced data science with extensive industry expertise, Green Street continues to set new standards for real estate insights, empowering stakeholders to make smarter, more informed decisions.

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