A number of people are looking at the investment properties Brent offers because of the good location and potential for capital gains. There are great transport links and Central London is close-by. With more affordable prices than the centre of the city, this is a good area for many people.
Finefair works hard to provide a great service for investors in London. To ensure we continue to do this, we stay up to date on all relevant changes in areas. One thing we keep an eye on is permitted development rights because any change in them can have a big impact on investor plans.
Office to residential
In 2013 the Government expanded the development rights. The big change was that people would no longer need permission to convert offices to homes. These new powers saw a wave of projects. Unfortunately a number of areas saw a big drop in the amount of commercial space that was available as a result. Some local authorities took action so that developers could not flaunt the new rules.
Brent is the most recent Council to do the above. They are the sixth Borough in London to issue an Article 4 Direction. This removes the development rights and therefore means that everybody must apply for planning permission.
Why the change?
The Article 4 for Brent covers the conversion of offices and light industrial buildings into homes.
The move is a response to concerns about the quality and suitability of plans. By making developers get permission the Council can weigh up the entire project, including the standards of the homes, the loss of commercial space, the economic benefits and also any disadvantages.
Investors should be aware of the new direction, especially if they are thinking of this kind of project. If they continue with work without securing permission, even in error, they could face an enforcement order. This may mean they have to put the property back as it was.
Finefair knows what to look for and can find the investment properties Brent buyers will want to view. Our service is first rate and we can take care of any need. Contact us today to learn more.