Sir, I read with interest that creditors and landlords have been saddled with £1bn debt since the beginning of 2012, although this was not surprising (retail, 10.04.13).
PWC and Local Data Company gures published in February showed there was an average of 20 shop closures every day in the UK in 2012.
These are unprecedented levels.
Apart from the loss of rent, landlords also face increased risks to their properties while they remain vacant. The Fire Protection Association estimates that fires, thefts and malicious damage in unoccupied properties cost insurers around £100m a year.
Landlords of empty shops need only take several straightforward steps to prevent the worst-case scenario: alert their insurer to any change in situation as soon as possible, as non-disclosure of facts could invalidate their insurance policy; ensure the property is secure and supplies disconnected; and that post or rubbish is not left to advertise the property’s emptiness.
Source
Steve Bracey, managing director, real estate and construction, Lockton Companies
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