Landlords with commercial property now have a new voice in government following the launch of an All Party Parliamentary Group (APPG) for Regeneration & Development.
Established by Hertfordshire rebel Conservative MP Gagan Mohindra (pictured), who has a family background in property, it will seek to “transform the prospects of the commercial property sector in the same way that the housing market has been transformed,” he says.
Mohindra says the commercial property industry is vulnerable to social change, fluctuations in business confidence, and adjustments of government policy.
The APPG aims to forge closer relations between the industry and government so that government is closer to the reality of the industry, aware of the value it delivers, but also the vulnerabilities which it suffers from.
“Commercial property is changing and the national lockdown is accelerating the rate of change. All sectors of the UK’s property market are under pressure. And yet the one thing that doesn’t change is the importance of the sector,” he says.
Mohindra says the group, whose other members have yet to be revealed, will champion mixed-use development, urge debate about what to do with unused office space, enable high street and online retailers to compete on a level playing field and free up planning to enable unused retail to be changed into homes re warehousing.
“But although the high street is the most visible challenge, there are plenty of other issues, including challenges relating to warehousing, office space, leisure facilities, student accommodation, transport connections, medical facilities, schools and manufacturing plant,” he says.