commercial property 35
Office to residential – a reality check
Since The Town and Country Planning (General Permitted Development) (Amendment) (England) Order 2013 came into force on May 30 this year, Jason Webb, director of Jones Lang LaSalle’s office agency team in Southampton, has been researching the effect of this legislation on Southampton’s available office supply. The total availability of office space in Southampton currently stands at circa 670,000 sq ft, and to date, 134,000 sq ft is subject to prior approval applications to qualify for the change of use to residential under permitted development. This represents 20% of the available stock.
This Order that provides for the ability to move from Class B1 (a) office to Class C3 residential without the need to obtain planning permission is aimed at meeting housing needs which are perceived as being of paramount importance. The Government firmly believes that this intervention to relax the process
of office-to-residential conversions will provide a real opportunity to contribute to these needs.
The provision only applies for a three-year period and the use must commence no later than May 30, 2016. In reality this means that conversion works will have had to have started earlier. If there is any doubt about whether the permitted development provisions apply to a particular building a developer can apply to the LPA for a Lawful Development Certificate.
Webb added: “Given the amount of applications that have been made so far, the council will need to seriously consider the ongoing impact this will have on the available office supply in Southampton. While it seems that so far it is only the poorer quality buildings that are being put forward for residential, such an unprecedented and dramatic decrease in supply could have serious implications for the long-term health of the local economy.“
LSH wins for seventh year
National commercial property consultancy Lambert Smith Hampton (LSH) took home two awards at this year’s South Coast EGi Deals Competition: EGi Deal Winner 2013 for Hampshire and EGi Deal Maker, which was awarded to Andrew Farrer.
Historically, the LSH South Coast team has dominated the regional EGi Deals Competition – the team has now been awarded EGi Deal Winner for seven years in a row. This year LSH beat Goadsby
(second place) and Hughes Ellard (third place) to take the top spot.
The awards are calculated on number of commercial property deals that have been secured for the year, up until the end of August, in size (square feet) and number.
The competition, run by Estates Gazette, takes place every year at the Hampshire and Dorset Focus Reception, held at the Royal Yacht Club in Southampton. The same awards take place for other regions across the UK.
RICS research proposes limit to house price inflation
The Bank of England’s Financial Policy Committee should consider limiting annual house price inflation to 5% in order to prevent another housing bubble, reckless bank lending and a dangerous build up in household debt, according to new RICS research launched this week.
With excessive price growth and high mortgage lending having
led to a vulnerable banking sector, specific policy on limiting growth is needed. Such a policy could be implemented with caps on elements such as loan-to- value ratios, loan-to-income ratios, and mortgage durations, or imposing ceilings on the amount banks are permitted to lend, should prices exceed a given limit, said RICS.
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12/09/2013 09:25:24
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