Commercial Conversion
Converting commercial to residential property is growing in popularity. There are several reasons for this trend. It's not just about making use of empty buildings. It's also about breathing new life into urban areas as retail shifts online. These conversions can transform towns and cities.
Financially, they can be a smart move too. Developers can reap benefits like increased property value and new rental income opportunities, but may need development finance to do the required works. In short, turning a commercial property into a home can be good for both the community and the pocket.
Why should you consider commercial conversions?
Greater profit margins:
Often, commercial properties, especially those in declining retail areas, can be purchased at a more reasonable price. After conversion, these transformed residential spaces, particularly in prime locations, can command higher sale or rental values.
Meeting housing demand:
With urban areas in the UK facing housing shortages, converting commercial to residential spaces can help meet the rising demand for homes. This not only fills a societal need, but also positions developers favourably in the market.
Diversification of portfolio:
Diversifying investments reduces risk. Adding converted properties to a portfolio can offer developers a broader asset base, ensuring more robust financial stability.
Government support:
The government is trying to tackle housing shortages and has recognised the opportunity offered by converting commercial to residential property. High-street retail outlets in particular are waning, in favour of online shopping, offering an opportunity to boost residential property in prime urban areas.
Sustainability and environmental considerations:
Repurposing existing structures can be more eco-friendly than tearing down and building anew. It conserves resources and reduces construction waste, aligning with global sustainability goals.
With extensive knowledge of the design and build of new commercial buildings, along with a track record of refurbishing and upgrading obsolete buildings, bringing them back to life is what typifies our approach to creating high quality spaces that people want to spend time in.
