It is not uncommon to drive or walk through a town or City in Cambridgeshire and see office buildings that are advertised To Let or For Sale, and many for quite some time. Owners of such buildings are not only losing income and paying business rates with their buildings sat empty, but it can be frustrating maintaining a property that is standing empty. At the same time, in Cambridgeshire in particular, there is a growing need for housing and house prices are rising locally due to increased demand.
This year, the government have tried to address the need for housing by relaxing the planning rules for the conversion of office buildings to residential. We are starting to see some of our local office buildings, that may have sat empty for some time undergoing the transformation from empty offices to modern residential apartments which is exciting news for new homeowners, developers and the local community that will start to see life in old unused buildings. Recent projects in Peterborough include the commencement of the conversion of the Bretton Green office village and planned conversion of Cavell Court in Peterborough City Centre.
The government backed Help to Buy scheme one is a valuable tool for developers looking to convert offices to residential. As they are providing brand new homes, developers can apply to act as a provider on behalf of the Homes and Communities agency for the Help to Buy scheme. This means providers have a wider choice of purchasers and new buyers have a wider choice of properties with many office buildings situated in prime location in our towns and cities.
Owners and Landlords of office buildings, who are currently advertising their buildings for sale or let may wish to consider the option of working with an investor on a project to convert their empty building to residential use to give it a new lease of life, or even simply to sell to a developer seeking to take on such a project. Terry Lucking at Belvoir Cambridge has recently been working with developers and investors on such projects commented “The government decision to relax change of use rules will bring much needed residential accommodation to City Centres. This accommodation being new condition up to current energy efficiency requirements and designed in a way to meet modern living requirements will be highly sought after by residential occupiers, investment landlords and professional tenants”. Terry is, of course, delighted to talk with and assist agents, landlords or fund managers to help find income solutions for their redundant office buildings.
Free Sale Advice and Buy to Let Advice
Terry Lucking is the owner and director of Belvoir Cambridge. Terry is proud to have worked in the private rented sector for close to 15 years with thousands of landlords and tenants.
Terry and his team would be pleased to receive calls or emails from landlords considering selling a property with a tenant in situ. They would also be pleased to receive calls from and offer advice to prospective buy to let investors.
Belvoir Cambridge is an accredited and regulated letting agency. They are members of ARLA, Safe agent, Propertymark and the Property Ombudsman. One of the requirements for membership of ARLA and Safe Agent is to have Client Money Protection and all client monies independently audited and accounted for annually.
For more information or to ask Terry a question call 01733 511099 or send an email to terry.lucking@belvoirlettings.com
