High Street Rental Auction Fund

The High Street Rental Auction Fund provides grants to local authorities in England to cover the cost of creating high street commercial vacancy registers and refurbishing properties subject to High Street Rental Auctions (HSRA) to meet minimum letting standards. The fund aims to reduce local vacancy rates in town centres and high streets by identifying properties eligible for rental auctions and supporting local authorities to address vacancies quickly. There is up to £1.5 million available, awarded on a rolling basis. Grants typically range from £3,000 to £79,000, with vacancy registers costing approximately £3,000 to £8,000, and refurbishments costing up to £40,000 for properties between 100-200 square metres or up to £79,000 for properties between 201-300 square metres. The anticipated funding per property is approximately £50,000, though funding is not capped. For vacancy registers, the fund covers costs to outsource services to verify property details, ownership, and vacancy terms. For refurbishments, eligible costs include stripping out the property, minor repairs, asbestos removal, new shop fronts, and necessary certifications to meet the minimum letting standard and Minimum Energy Efficiency Standard. Legal costs for contracts and tenancy agreements are not covered and must be reclaimed from tenants. Projects must be completed and all costs paid by 31 March 2026, with a minimum expected duration of 4 months. Refurbishment projects must be in designated areas with vacancy rates of 8% or higher, and properties must have been vacant for 366 days in the last 2 years.