Fragmented property ownership and the High Street Martyn Chase Stanhope plc Future High Streets Forum British Property Forum

Fragmented Ownership: issues High Streets under stress Empty properties London’s town centres face different challenges Poor asset management Fragmented ownership CLG suggested ‘pooling’ properties Peter Brett Associates propose TCIM Future High Streets Forum investigating

Fragmented Ownership: JV JV for property ownership Organisation and skills to manage property Scope and critical mass Funding Benefits – Co-ordinated asset management – Better tenant mix; less vacancy – Better town centre performance – Added value for investment – Long term business plan

Fragmented ownership: pilot studies 3 Pilot studies: leadership/funding under review Location and area Mix of occupiers and uses Public realm, parking and access Local leadership Extending the role of BIDS into property ownership Establishing the JV

Fragmented ownership: the JV The vehicle and how it will operate Purchase property or pool property or both? A local vehicle: who to be involved? Raising finance: loans and equity A national fund Business Plan

Fragmented ownership: views Merits of the idea How important is this issues? How challenging is the JV idea? Extending the role of BIDS? Particular issues for London town centres?