Office-to-Residential rules save up to 30% on building projects!
The red tape removal around office-to-residential conversions could leave many residential projects with a 30% saving on build, this has seen a massive increase in house extensions, side house extensions, loft conversions and new developments entirely in London. Commercially creating a rise in big companies wishing to develop housing projects and regeneration of towns from commercial investors.
The government has acted to boost the construction jobs market and regenerate towns and increase footfall in high streets. Many industry leaders say it could lead to boosts in sub contractor work and areas such as cladding, heating, lighting and acoustics.
Some believe the changes will mean this will help increase the time for redevelopment projects and avoid the often expensive red tape around community levy’s and section 106 obligations.
However, it has also been stated, local authorities may still have the right to object on projects if they can demonstrate that there would be adverse economic consequences.