Re-launched loan scheme seeks to regenerate empty commercial properties
Castle Point Borough Council is aiming to revitalise the development and use of empty commercial properties across the Castle Point District in partnership with Southend-on-Sea City Council and Rochford District Council, by providing interest-free loans of up to £250,000 for a maximum term of 36 months.
The scheme focuses solely on commercial property, with the objective of kick-starting regeneration and supporting new uses for empty premises. This may include alternative commercial, residential, or mixed-use purposes.
Having first secured government funding for the scheme in 2022, many of the original three-year, zero-interest loans to owners and developers have now been repaid, and No Use Empty – South East Essex (NUE SEE) is ready to be relaunched. As repayments from previous loans are being recycled into the scheme, the relaunch comes at no additional cost to the participating councils.
NUE SEE is aimed at freehold property owners and developers. Subject to approval, eligible applicants will be able to borrow between £50,000 and £250,000. Loans are provided at zero interest and will be secured by a legal charge.
Loans will be offered on a first-come, first-served basis and can be provided either as standalone funding or as ‘top-up’ funding to an existing loan.
Councillor Barry Palmer, Portfolio Holder for Economic Growth and Climate Action said: "We're delighted to relaunch the No Use Empty – South East Essex scheme and continue supporting the regeneration of vacant commercial properties across Castle Point and our neighbouring authorities.
"Empty properties can have a significant impact on our town centres and local communities. By offering interest-free loans, we're helping property owners and developers bring these buildings back into productive use, whether through new commercial ventures, residential development, or innovative mixed-use schemes.”
The NUE SEE scheme is now open. For further details on the scheme and how to apply, please email the Economic Development Team at: business@castlepoint.gov.uk