For some, it can feel that a Saturday traipsing around a shopping centre lasts a lifetime, while others would happily move in permanently. Well, for those who fall into the latter group – good news! There are now shopping centres that you can, quite literally, live in, in the UK.
Commercial properties such as St. David’s (formerly the St David’s Shopping Centre) in Cardiff, and Southside Wandsworth, London, are now utilising excess space and generating larger annual incomes by converting spare units, or developing new space completely, to allow for residential space on the premises of the centres themselves. This allows commercial retail properties to remain open and make up for any money lost due to falling sales in the current economic climate.
The trend is said to hark back to the industrialisation era, when small properties were built near factories, mines and other places of employment. While those properties were usually small houses of the two up, two down variety, nowadays the developments tend to be a mixture of studio, one and two bedroom flats.
However, it is not only shopping centres that have caught on to this money maker. MediaCity, the development in Salford which now houses national institutions such as the BBC and ITV, has also built an apartment complex to boost income for the complex. These apartments come in the form of two tower blocks, known as TheHeart and NumberOne, each of which are 22 storeys high and provide 378 separate apartments altogether.
According to MediaCity’s website, TheHeart building also offers serviced apartments. These are geared towards those who travel into Manchester for business and do not wish to stay in the city permanently, or who are moving house and need a temporary place to stay. The site says “Styled to appeal to both the business and leisure traveller alike guests can enjoy hotel-style accommodation, with the flexibility of apartment living.
“Our 50 fully-equipped and beautifully furnished self-contained apartments are connected to complimentary Wi-Fi.”
Clearly then, MediaCity have researched the market and, due to the recent relocation of the BBC Headquarters, have spotted a gap in the market for BBC executives who still live in London.
Of course, on Britain’s high streets, the idea of living above shops has been common for many years now, but with the advent of shopping mall apartments, the boundaries between commercial and residential property has never been less defined.
Unfortunately, this could also be the final nail in the coffin for Britain’s downtrodden high street trade.
Previous Post
Is Nine Until Five a thing of the past in Commercial Property Businesses as ‘flexible working’ Becomes a Priority?
