Pearl & Coutts: No Shortage of Office Space in London as Law Changes

Pearl & Coutts comments on new legislation regarding the conversion of commercial offices to residential homes. End Quote

(1888PressRelease) April 10, 2013 - The capital's commercial property market is predicted for a shake up as new legislation means some office space in London could be lost. Changes to planning laws mean that offices could soon be converted into residential homes without planning permission.

The changes are due to come into effect during this spring and pivot around the use of existing buildings. It is believed that the new permitted development rights could allow change of use from B1(a), a category including offices to C3 for residential use. There has been a varied reaction among property experts as to the impact of the change. In addition, outside the city unused rural stock could provide new homes. Equally, concerns have been raised about preserving the character of certain historic buildings across the UK. However, the outlook for commercial property in London is inevitably more complex.

Various business representatives have muted concerns that the changes will simply increase the pressure on the city's already stretched supply of suitable office space. And although local councils may apply for exemptions, there has been no overall policy for the city as a whole. Furthermore, in the words of the Communities Secretary Eric Pickles these very specific exemptions are only to be granted under 'exceptional' circumstances. The change in the law is nonetheless due to come into effect despite a long standing and well publicised shortage of certain types of commercial property. Although it could represent a welcome new phase for those looking for a home, businesses could face further challenges when looking for new premises. It is also not clear what impact the move could have on future pricing. Pearl and Coutts reassured businesses that they will continue to offer commercial premises for many types of use:

We offer competitively priced premises for all sizes of business, from sole traders through to large companies. And we not only provide office space but supply car parking, storage solutions, industrial units and even residential property if you need it. Our selection is based around our commitment to your business: finding your next premises should be an efficient and above all easy process. We look at nearby transport links and facilities, and how we can match your exact business needs to a property which is going to really provide you with value for money,"

To view Pearl and Coutts current selection of office space in London, call their multi-lingual team on 0207 843 3753.

http://www.pearl-coutts.co.uk

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