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BNP Paribas says government policy on conversion of offices to residential will be a boost to UK cities25th January 2013

Commenting on the government's paper on permitted development rights for allowing conversion of offices to residential homes, Gregor Wallace, West End Investment Director at BNP Paribas Real Estate, said:

“Some councils have already made their intentions public to stop super big flats for overseas investors, so it will be interesting to see if they try to opt out. However, we believe it’s a well needed reform to boost UK cities with redundant buildings sitting empty. Although, I am not sure allowing temporary uses will aide Central London. This is probably aimed more at tertiary / secondary areas.

Investor and developers have an insatiable appetite for core central London property and residential seems to be able to do no wrong. Not least Far Eastern and Middle Eastern investors who feel confident and safe buying or developing here because many of them are now a second generation of family investing in the UK, following their parents from the 1970s. If not, then they know a family friend that did. Residential capital values in the core are still outstripping office values by a considerable amount, in some instances in Mayfair, being more than 100% higher price per square foot.

With legal requirements and European regulations such as EPC (energy efficiency), Disability / Equality act and in general more companies seeking modern space, it’s hard to argue why more old period offices should not be converted back to residential use.” 


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