Unlocking the full potential of unused land in urban areas

As property professionals will be aware, a waiting period between receiving planning approval and commencing construction work when developing property is common. For the majority of large-scale projects, this can take a few years, which is one of the reasons for the multitude of vacant, purposeless spaces dotted across our cities. Most asset owners, in my experience, find it difficult to recognise the potential that these empty spaces hold during this period. After all, fenced-off and unused spaces don’t exactly add to the beauty of a neighbourhood. On the contrary, they’re typically eyesores which can fast become havens of crime and anti-social behaviour. It doesn’t help make friends in the local community, and can damage reputations. However, a little commercial savvy and creative thinking are all it takes to start exploring inventive and innovative ways to make a profit on these unused plots. The good news is there are endless possibilities when it comes to maximising profits and enhancing neighbouring communities all at once. This can encompass everything from pop-up hospitality experiences, entertainment extravaganzas and temporary retail hubs. An owner’s primary incentive to create temporary spaces on these sites is, understandably, to minimise the loss of revenue during the time when the property would otherwise be unoccupied. But it’s worth noting vendors and retailers also stand to financially benefit, as they are provided with an opportunity to establish themselves in a new location for a substantially reduced rent fee. This is especially attractive to restaurateurs who want to experiment with new ideas or broaden their clientele at a lower start-up cost and lower risk, opposed to a more conventional approach. These temporary developments also benefit the local community. I would even go as far as to say that putting the immediate neighbourhood at the centre of the development plan is crucial in order to win over local government and other key stakeholders. To achieve success here, it’s important to identify any gaps in the local cuisine and retail offerings that don’t meet the needs and preferences of those living in the surrounding area. One of the most well-known applications of this concept is Mercato Metropolitano, located in Elephant & Castle, London. It’s been so effective that it’s won over the support of residents as well as the local authority, modernising the neighbourhood’s appearance and elevating its standard of living. Approached correctly, it’s a win-win proposition for all. In many cases, these redevelopment initiatives end up turning the neighbourhood into a bustling destination, attracting visitors from near and far. This commonly results in increased property value and commercial development. Developers who forget the immediate community do so at their peril. Sometimes, I’ve found that, despite ambitious and far reaching plans for revitalisation, there are places for locals to get together and socialise with fellow neighbours. It runs the risk of gentrification, stripping the identity from an area, which should not be the point of the exercise. So, when these types of temporary developments are proposed, it’s essential to provide a social hub for existing residents. This is especially important now as many workers tend to work from home, making these leisure spaces more needed than ever. The idea of redeveloping unoccupied land in order to build temporary spaces is directly aligned with the increasingly popular concept of 15-minute cities low-impact urban living. Reduced traffic and more wholesome can be easily realised if the community is given access to all their essential needs and services within a quick walk or bike ride from their home. It’s time to reconsider how we might make the most out of the finite resource that is space, especially with environmental issues and cost of living concerns at the forefront of our minds today. Property owners who aren’t afraid to explore the path less travelled by when it comes to their yet-to-be developed plots stand to make both immediate and long-term profits. Byline: Youri Michel, founder of Wyld Motion

Unlocking the full potential of unused land in urban areas

However, a little commercial savvy and creative thinking are all it takes to start exploring inventive and innovative ways to make a profit on these unused plots

Read Next

Basement space to become flood damage claims without protection

How to add value to your property this spring

What is causing European investors to lower their real estate allocations?

Developers must unlock empty buildings for decarbonisation

The most lucrative up-and-coming locations to buy property

Basement space to become flood damage claims without protection

How to add value to your property this spring

What is causing European investors to lower their real estate allocations?

Developers must unlock empty buildings for decarbonisation

The most lucrative up-and-coming locations to buy property

Commercial Market Forecast shows signs of recovery, study finds

Sirius Real Estate appoints new CFO

Chancerygate begins work on Trafford Park urban development

Countryside Partnerships acquires Grimsby site for 299 homes

Wavensmere Homes unveils £170m Nightingale Quarter show home

Read Next

Basement space to become flood damage claims without protection

How to add value to your property this spring

What is causing European investors to lower their real estate allocations?

Developers must unlock empty buildings for decarbonisation

The most lucrative up-and-coming locations to buy property

Related Articles

Commercial Market Forecast shows signs of recovery, study finds

Sirius Real Estate appoints new CFO

Chancerygate begins work on Trafford Park urban development

Countryside Partnerships acquires Grimsby site for 299 homes

Wavensmere Homes unveils £170m Nightingale Quarter show home