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commercial property solutions
If proposed changes to permitted development are to be believed then housing shortages could be severely reduced at the expense of the commercial property market says commercial property agency prop-search.
There are industry rumours that the Government is considering a change of use from B1 (business) to C3 (dwelling houses) to be allowed as permitted development. This essentially could mean that a planning application would no longer be required for the conversion of an office building or light industrial space to residential use.
Samantha Jones a Surveyor at prop-search said: "If this proposal was to be made law then ultimately we could see empty or redundant offices or light industrial units bought swiftly back into use – albeit for residential purposes. However, this could be damaging to the commercial marketing going forward."
"With few new commercial buildings currently being developed, there is already likely to be a shortage of stock as market conditions improve. Any loss in this could see the commercial sector further struggling to keep up with demand."
There is also the worry that some landlords could see this as an easy escape route to avoid paying empty business rates and that offices or light industrial buildings could be converted to residential use just to maximise values.
Whilst it is unlikely that this will impact on traditional commercial locations - like industrial estate or business parks – there is concern that it could have consequences for previously established commercial locations close to existing residential developments.
Prop-search is urging the Government to consider any permitted changes carefully. It suggests that certain criteria should be met before allowing such changes - such as building owners having to prove that any commercial space is unlettable for at least 12 months.
Further information can be obtained from prop-search – Tel: 01933 223300 or from its website: www.prop-search.com