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An End To Rent Rises In Sight?


Travisher
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In Peterborough and as I understand it elsewhere in the country a large percentage of town centre office space is being converted to flats. The owners no longer need permission to make this change. Local agent says about 10% of the commercial property used to be empty at any one time. Now about 10% is being converted to residential. If some of the conversions I've seen so far are indicative of the quality of living in a redundant office, then we are about to see a massive flood of flats coming on the market. As I suspect, they will be hard to shift, hard to maintain and far more expensive than the owners envisaged when they jumped on this gravy train.

If you can cope with living in these conditions where waste handling will be inadequate and old lifts will break under the extra load, you may well get a good deal since they will be desperate to get some return on the expense of conversion.

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Can't see any drops in rent just yet despite an increase in this type of let.

A former office block in central Norwich has just been converted to 1 bedroom and studio flats.Local Letting Agent Abbot Fox seem to feel they're justified in charging top money for them: £700 pcm for a 1 bed and £625 for a studio (furnished).

http://www.rightmove.co.uk/property-to-rent/property-60628547.html

When I last went past the block it looked unoccupied. The builders done a decent job by the look of it.

If you can cope with living in these conditions where waste handling will be inadequate and old lifts will break under the extra load, you may well get a good deal since they will be desperate to get some return on the expense of conversion.

I would hope that the services would have been made better and the old lifts replaced during the refurb. :unsure:

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