Could Repurposing Commercial Buildings Help Solve the Housing Crisis?
The UK currently has a lot of vacant commercial property – particularly retail units. We also have a chronic shortage of housing – particularly affordable housing. So there’s a clear logic behind making it easier to redevelop unwanted commercial buildings and land into residential use.
The Government’s much-heralded reforms of the planning system aim to remove many of the obstacles to repurposing vacant commercial premises – whether that’s through conversion or demolition and rebuilding. It’s hoped that the reforms will reduce pressure to develop green belt land as well as increase the supply of homes faster than would be possible with new builds.
There are exceptions to the new regulations which explicitly exclude any: ‘public house, wine bar, or drinking establishment… drinking establishment with expanded food provision… hot food takeaway, live music venue, cinema, concert hall, bingo hall and or dance hall.’ Any moves to redevelop these types of premises will still need change of use approval rather than being ‘permitted development.’
New Life for Town Centres
Even so, there is plenty of scope in many towns and cities where retail units have been vacant for months or even years. Carried out in the right way, these redevelopments could breathe new life into unloved town centres and address housing shortages without the need to create new buildings.
Having taken the decision to redevelop a commercial building or site into residential units, speed is of the essence. Reducing the redevelopment timescales will bring forward revenues and improve cash flow. But this can’t be at the expense of quality. Future maintenance and lifecycle costs have to be part of the equation, as does safety. Developers who care about their reputation and legacy will be all too aware of the flawed decision-making processes that are emerging from the Grenfell Tower Inquiry.
If you’re a property owner ready to move forward with repurposing commercial premises, or if you’re a developer who has acquired premises for redevelopment, Osborne has a streamlined build process that will bring new residential units into service quickly and efficiently.
Here’s an example of commercial property sympathetically repurposed for residential use in Covent Garden.
