STRANDED ASSET REDEVELOPMENT AND REUSE

Across the UK, many buildings have slipped from useful to underused. Former town halls, old libraries, heritage buildings without purpose, outdated offices, redundant civic buildings and market halls that no longer trade effectively. These are often described as stranded assets. Buildings that no longer meet modern needs and are at risk of becoming financial and operational liabilities.

We specialise in helping councils and landlords unlock new futures for these buildings, transforming them into viable assets that support local economies and community life rather than drain resources.

Others repair the building. We help define its future.

What we mean by stranded assets

A stranded asset is any building that no longer works in its current form, either financially, operationally or socially. This can include:

• Heritage and listed buildings with no clear future

• Former civic buildings such as town halls and libraries

• Obsolete office buildings

• Redundant market halls

• Difficult or awkward town centre properties

• Buildings that are costly to maintain or cannot attract viable tenants

We work with both heritage and modern stranded assets. The issue is not age. The issue is purpose, use and long-term sustainability.

Our approach

Our approach is practical, creative and commercially grounded. It follows a clear sequence.

1. Ideas first

We begin by identifying what the building could become, not just what it has been.

We explore a range of concepts, from familiar options to more creative ideas. These may include:

• A modern market hall or food-led space

• Experiential or competitive socialising activities

• A flexible workspace or small business hub

• Makers spaces, teaching venues, or workshops

• Modern Youth Centres

• A community or cultural venue with or without trading activity built in

• Mixed-use layouts that combine retail, workspace, events and social uses

• Phased or meanwhile ideas that activate the building early

This stage opens up possibilities and ensures nothing is dismissed simply because it has not been done before.

2. Testing the need

We then test each preferred concept against real local need. This can include:

Overt engagement

Direct conversations with residents, traders, local businesses, community groups and stakeholders.

Strategic engagement

Data, footfall, market trends, operator insight and comparable place analysis to uncover both visible and latent demand.

Some needs are clear. Others emerge only when people see a concept they recognise would benefit them. Our process captures both.

3. Building the business model

A strong idea becomes a project only when it is commercially viable.

We develop a full business model including:

• Revenue streams

• Operating costs

• Management and ownership model

• Staffing and management requirements

• Capital costs and phasing

• Long-term financial sustainability

• Subsidy requirements and clear routes to reduce or remove them

• Green Book compliant business cases to support funding bids if required

Our experience in markets, food halls, workspace and town centre assets ensures the financial model reflects how these places actually operate day to day.

4. Identifying funding opportunities

Many stranded assets require external funding to progress, especially in early phases.

If required, we can help identify and secure suitable funding routes, including:

• Government and local authority programmes

• Heritage and regeneration grants

• Arts, culture and community funding streams

• Specialist heritage and reuse funds

• Business Development and Startup Programmes

Where appropriate, we support the full application process and help shape the project to meet funder expectations.

5. Operator and management strategy

A key question for any building is who should run it.

We undertake a full assessment of the long-term operating model and advise on the most suitable arrangement. Options include:

• A single commercial tenant

• Multiple tenants within a structured leasing approach

• Direct operation by the local authority

• A wholly owned arms length Local Authority Trading Company (LATCo)

• A Community Interest Company (CIC) or similar local governance model

• A hybrid management structure based on phased development

If a CIC or a new operator entity is the best route, we can create the governance structure, define roles and responsibilities, undertake market engagement and support the organisation's formation.

6. Shaping the building around the use

With concept and commercial logic confirmed, we work with heritage specialist architects and technical teams to shape the building.

This includes:

• Sensitively adapting heritage elements where relevant

• Replanning layouts to support trading and operations

• Ensuring compliant access and servicing

• Integrating ESG and energy improvements

• Phasing works to reduce risk and support early activation

The building is designed to support the use, not the other way around.

7. Delivery and long-term sustainability

We support the transition from concept to reality through:

• Operator and tenant procurement

• Lease and management arrangements

• Risk and performance frameworks

• Practical planning for opening and ongoing operation

The result is a building with a clear purpose, a viable operating model and a sustainable future.

Why our approach is different

Most consultants start with the building. We start with what the community needs, which the building could deliver.

We are:

• Idea led - We generate credible and creative concepts that open new possibilities.

• Need driven - We combine engagement and data to understand both clear and hidden demand.

• Commercially focused - We build realistic operational models that reflect how complex and multi-operator spaces actually trade.

• Funding aware - We identify available grants and funding routes and help shape successful applications.

• Operator focused - We assess who should run the building and support the creation of the right operating model.

• Delivery minded - We stay involved through procurement, design and mobilisation.

A stranded asset is only a liability if its future is unclear. With the right concept, the right operating model and a realistic commercial plan, it can become a building that earns its keep and strengthens the place around it. Our role is to help you get to that answer with clarity, evidence and confidence.

If you are holding buildings that no longer meet modern requirements and risk becoming long-term liabilities, we can help define their next chapter and bring them back into productive use. Get in touch with us to begin the conversation.