A little-known change in the national planning regulations could mean your commercial property has new and highly lucrative development potential.
On 1st October this last year, a new class of permitted development (PD) rights came into place to enable the conversion of light industrial units (Use Class B1c) to residential use (Use Class 3).
At Knightsbridge Estate Agents we are Members of the national Land & New Homes Network, and we recognise this as an opportunity for many commercial property owners to benefit from the changes to the regulations.
This form of permitted development will benefit existing light industrial units, which are generally considered as small-medium sized businesses which can operate successfully in residential areas without being a detriment to the neighbouring area.
Examples of these types of business include small workshops, repair workshops and similar non- intensive enterprises.
As a commercial property owner, you may wish to take advantage of exploring the value of your building within the framework of the new Permitted Development Rights and that’s something we at Knightsbridge Estate Agents can certainly help you with.