From market research carried out, there are a significant number of retailers who are not utilising residential accommodation above their shops or stores to best effect. Indeed, in most High Streets there are residential properties above shops gathering dust, and non-usage of property over a considerable period of time also increases the run cost of the property.

Whilst appreciating that there may be constraints due to the length and covenants of leases, we have already demonstrated for a number of retailers how it is possible to bring the accommodation back into good use and achieve open market rentals.

We have a number of exercises under way in various parts of the UK where we have taken over the "one-stop" responsibility for the initial investigation into the accommodation, advice, refurbishment, letting and subsequent management of the income, repairs, etc.

There is added momentum to consider these opportunities given the 2001 Finance Act announcements made which included tax breaks for conversion and refurbishment of such accommodation.

CPM is one of the leading Letting and Property Management businesses in the UK with well honed skills and we welcome the opportunity of discussions with retailers to see how we can maximise their portfolio potential along these lines.

The Flats Over Retail Scheme comes as a management package including full management, repairs and letting, but a menu of activity can be agreed to suit most requirements.