Under the hammer: Can councils truly transform high streets with new auction powers?

The Levelling Up and Regeneration Act 2023 (“LURA”) introduced a framework for new powers to be provided to local authorities to conduct compulsory rental auctions of vacant commercial properties in designated high streets or town centres. Ever since these proposals were introduced, the market has been awaiting the detail to be brought forward in regulations. Those regulations have now been published and are in force. In this article, we explore the long-awaited substance of those regulations along with some accompanying Government guidance and we ask what might the future hold for this regime. 

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