Benefits for property owners

Property owners can benefit from Renew Newcastle as much as, if not more than, the creative projects that use their spaces.

Having someone occupying the property provides immediate benefits for the property owner: it reduces vandalism, squatting and other problems associated with empty buildings; it can lower or even eliminate some maintenance costs; and it can lead to lower insurance costs as occupied properties are generally cheaper to insure.

Depending on what the outgoings on the property are and how they are structured, these can be real costs that are taken on by the occupier that the owner would otherwise have to pay.

More importantly for many property owners, the presence of activity in an area grows the medium to long-term value of their property. Active shopfronts lead to increased traffic in area, attract new interest and, as the example in Newcastle has shown, can lead to renewed interest from commercial tenants.

Several of Renew Newcastle's shops and many others around them found paying tenants in the last 12 months.