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Office Conversions

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I wonder whether we will see a significant resi supply increase from office conversations?

http://image.email.savills.info/lib/fe9e13707565057575/m/1/MiM+office+to+resi.pdf

Hopefully link will work....

The relaxation of planning policy

to allow conversion from office to

residential uses will come into force

on the 30th May 2013. Driven by a

desire to speed up housing delivery

and deal with high office vacancy

rates in some parts of the country,

the three-year exemption from the

planning rules appears effectively to

remove the requirement on developers

to build affordable housing (Section

106). If this is the case, the changes

will give developers an extra incentive

to convert office space. However, the

policy is still dependent on residential

values being higher than office values

but is this always the case?

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I wonder whether we will see a significant resi supply increase from office conversations?

http://image.email.savills.info/lib/fe9e13707565057575/m/1/MiM+office+to+resi.pdf

Hopefully link will work....

The relaxation of planning policy

to allow conversion from office to

residential uses will come into force

on the 30th May 2013. Driven by a

desire to speed up housing delivery

and deal with high office vacancy

rates in some parts of the country,

the three-year exemption from the

planning rules appears effectively to

remove the requirement on developers

to build affordable housing (Section

106). If this is the case, the changes

will give developers an extra incentive

to convert office space. However, the

policy is still dependent on residential

values being higher than office values

but is this always the case?

Not enough to fix the market, there are a number of problems with office conversations, the first of which is the original cost of the office as it will have included VAT - something that is not passed directly on to home buyers. So there are a lot of empty bad offices around the UK, but their conversion costs and locations may not be ideal for people. Also you do not normally end up with residential housing, but instead more 1 or 2 bed flats.

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The big cost to this will be services, mainy water, sewage and gas to each unit. I cant see it ever being ecconomical to convert much office space to be honest.

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  • 238 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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