Tue, 31st January 2012

Risks of vacant property

With a spate of retail closures in recent weeks, the increase in vacant shops across the UK is bringing added risk of theft, damage, arson and squatting, according to vacant property experts.

VPS, the empty property specialists, are warning retail property owners and administrators not to be complacent and to ensure that vacant retail premises on high streets, retail parks or in shopping centres are well secured to prevent theft and damage.
 
John Wright, UK director of national accounts at VPS said:  "As more and more property managers and owners are left with vacant retail units, there is not only the risk of lost rental income but also the potentially high cost of metal theft, vandalism, even arson. There are discreet solutions for making property look less vacant but at the same time protecting the asset. In our experience, taking immediate action when a unit becomes vacant is the most effective way to protect a property and mitigate any possible issues that can arise."
 
VPS recommends that landlords and managers of retail units take the following steps to ensure their property is well protected during these turbulent times:
 
- Inform your insurer immediately when a property becomes vacant. This is required by law. The insurer may have specific requirements to ensure your insurance remains valid.
 
- Undertake a comprehensive risk assessment by a registered company to assess potential risks, such as fire hazards and public liability exposure as well as the exposure to damage from squatters/criminals.
 
- Drain down services are a cost effective preventative measure, which include the drain down of all water systems, as well as the switching off of other utilities such as gas and electric services. This prevents catastrophic damage to vacant properties if metal pipes are stolen. 
 
- High security steel screens and doors can prevent unauthorised access to the building and in turn protect metals inside a building. These methods are much more effective than plywood boarding which is easy to breach and can be used by arsonists as flammable material.
 
- A shop window display can reduce the risk of vandalism and will enhance aesthetics to shorten the period of vacancy. Adding a semi- permanent covering to the back of a window which can be easily removed and will project for sale or for let information plus an image of the shop, will prevent the property from looking vacant.
 
- Electronic security can be rapidly deployed to provide instant security. Sensors provide immediate detection and report on a range of incidents including intruders, flooding and fire.