Based on the average square footage of A1 retail space, Keller Williams estimates that these ongoing closures will leave around 19,735,230 square foot of unused retail space
Unused ex-retail high street properties could provide an estimated 25,000 homes with a market value of £7.4bn, according to Keller Williams.
Keller Williams analysed the potential square footage of thousands of high street stores used by 38 big retail brands which have ceased trading, or that are due to close this year.
Based on the average square footage of A1 retail space (2,195), it estimates that these ongoing closures will leave around 19,735,230 square foot of unused retail space across the UK.
With the average UK property coming in at just 790 square feet, this could pave the way for a potential 24,981 new homes.
Perhaps the biggest retail casualty has been Debenhams, which has already liquidated 52 stores with the remaining 45 to shut by 15 May.
These 97 stores are believed to occupy 13,628,740 square feet of retail space, enough for 17,252 homes with a current market value of £5.1bn.
Ben Taylor, chief executive of Keller Williams, said: It’s been incredibly sad to see the demise of the high street hastened due to the pandemic, with many big names shutting their doors for good having been unable to survive months on end with no customer footfall.
Hopefully, as lockdown restrictions continue to ease we will see a resurgence from the retail sector and some of these former premises can once again be used as intended, he said.
However, it’s becoming abundantly clear that we simply don’t shop in the same way we used to and so physical retail outlets are likely to remain largely redundant in many high streets up and down the nation, Taylor said.
He said that at the same time, we’re seeing a lack of housing stock failing to satisfy the appetites of UK homebuyers, while housebuilders and the government continue to fail year on year in meeting delivery targets.