Property Developing in 2021 Redeveloping Retail Space
ZUNE TH
S AT TA R
Property Developing in 2021 Redeveloping Retail Space Zuneth Sattar
Current circumstances have combined to make 2021 a great time for redevelopment projects, particularly as there is a growing need for more homes. It is estimated that 300,000 new homes are required every year, which combines with a growing number of vacant and/or undesirable buildings in town centres.
The pandemic has meant that even more retailers have gone out of business, which adds further vacant sites that are ripe for redevelopment, and the retailers that remain have less on-site storage requirements. Outside retail, many other businesses wish to downsize their office space, or eliminate the need for it altogether. These circumstances coincide with changes to the planning system to make it quicker and easier to build or develop new homes, as well as Permitted Development Rights being created to enable more unused buildings to be repurposed and reduce the risk for developers. Small developers now have an amazing opportunity to develop vacant or under-used retail space into residential spaces or boutique retail spaces.
T HE SE CIRCUMS TANCE S COINCIDE WI T H CHANGE S T O T HE PL ANNING SYS T EM T O MAKE I T QUICKER AND E ASIER T O BUIL D OR DE VEL OP NE W HOME S , AS WEL L AS PERMI T T ED DE VEL OPMEN T RIGH T S BEING CRE AT ED T O ENABL E MORE UNUSED BUIL DINGS T O BE REPURPOSED AND REDUCE T HE RISK F OR DE VEL OPERS.
Small developers now have an amazing opportunity to develop vacant or under-used retail space into residential spaces or boutique retail spaces.
FOR FURTHER INFORMATION ABOUT PROPERTY DEVELOPING, VISIT THE BLOG OF ZUNETH SATTAR.