Office Change of Use to homes initiative launched
May 23, 2011
There may be an opportunity for commercial property owners to convert their Commercial premises back to Residential use without the need for Change of Use permission. This proposal is currently under discussion with the government and it could help a lot of commercial investors generate rental income once again after a long period of vacant property ownership. The government identifies the economy is in need of affordable housing throughout the UK and here is an opportunity to increase the number of residential homes and flats in struggling commercial areas.
The thought process is to maybe incorporate this Change of Use to take place under the Permitted Development Rights Act. If commercial investors do not require planning permission for this Change of Use, it can save them thousands of pounds in commercial rates and generate a healthy rental income which for many has been none existent for the last three years.
Many commercial areas of Sheffield and Manchester could really benefit from this change if this actually takes place.
A government decision is expected to be made by 30th June 2011.