Episode 6 of the Property Business Club Podcast
The UK Government introduced “Permitted Development Rights” to enable the conversion of commercial real estate into residential dwellings without the need for full planning permission. This creates viable wealth creation opportunities for investors focused on transforming off-market properties into income generating assets. For help on sourcing commercial real estate to convert into residential dwellings, provide the real estate specifications at benjaminpropertyservices.co.uk/services
Also listen to the podcast at: https://fccdl.in/92C5wT1mCd
Hello and welcome to the Property Business Club Podcast episode 6. I’m the strategic property search consultant and project manager at Benjamin Property Services with over 10 years of residential real estate experience.
At Benjamin Property Services – we source off-market and below market value properties in London & Kent prime and regeneration areas to transform them into income generating assets for company directors, corporate executives, family offices and other sophisticated investors. You can schedule in a free consultation at benjaminpropertyservices.co.uk/schedule.
Today I’m going to be briefly talking about converting commercial or mixed-use real estate into residential dwellings in London and Kent, which empowers the housing shortage in the UK. This is particularly relevant to both prime and regeneration areas. There are a number of pros for converting commercial property into residential.
- In many London boroughs you may not require planning permission as many shops and offices will be under the ‘Permitted Development Rights. It is always advisable to contact the local government / local authority but this is something we can work with you on when identifying the area and property strategy
- If you do need planning permission you are more likely to get the stamp of approval because the government has made the reuse of empty buildings a priority.
- You’ll get a much bigger property to convert into separate dwellings for sale or renting to the high number of first-time buyers and young professionals needing affordable housing
- There is no need for you to pay for the higher Stamp Duty for your ‘second’ home since non-residential and mixed-use properties are exempt from this
- There is no property chain to delay the purchase of commercial real estate in most cases. Please note that because we focus efforts on real estate not on the market and directly communicate with vendors that are looking for a quick sale – cash buyers will benefit from a no delay purchase on residential real estate too.
- There is also a saving on VAT (from 20 per cent to just 5 percent). So if you need to do construction works you can spend that saving on the conversion from the commercial property into residential homes.
The commercial or mixed-use residential types of real estate opportunities are plentiful particularly in the regeneration areas. An investor could start in these areas and then work towards the prime real estate areas.
Once you have identified that you are focusing your efforts on commercial to residential. We ask for a commitment fee to start sourcing the off-market deals over a 3month period and negotiate the purchase charging just 1.5% commission. We can then project manage refurbishments (if required) and assist with the selling or letting of the property or properties.
As with all asset classes in times of uncertainty there is always a deal to be secured and that is where we help. If you need property professionals with over 10 years of London and Kent property expertise to source and negotiate real estate deals we can help. To get started visit benjaminpropertyservices.co.uk. If you want to have a quick chat telephone UK direct dial 020 7097 8834 or leave a message on the 24 hour 7 days a week client enquiry line on 020 8720 6460. Or request a callback no matter where you are in the world at benjaminpropertyservices.co.uk/callback-request
I’d like to interview successful real estate professionals from around the world for the Property Business Club Podcast, you can schedule in the interview in your timezone by visiting benjaminpropertyservices.co.uk/podcast. I look forward to hearing from you and thanks for listening.
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