Helping investors access opportunities created by new Permitted Development right
More than 480 bank branches in the UK are expected to close their doors in 2021 but, with the introduction of the new national Permitted Development (PD) right, it’s creating exciting Buy-to-Let property investment opportunities on the high street.
The new PD right, which came into force on 1 August 2021 allows for unused commercial buildings with a cumulative floor space of less than 1,500 square metres, including shops, banks, restaurants, gyms and creches, to be converted into housing without a planning application.
Permitted development has proven to be a rich vein of opportunity for developers. As the face of the high street evolves, opportunities are now arising for landlords and investors alike to remodel and revitalise vacant high street units into residential Buy-to-Let dwellings, bringing new life and communities to town and city centres
Mason Thomas Law can assist investors in acting quickly in order to take advantage of the new PD right. Some investors are turning to bridging finance in order to enable them to proceed to purchase as quickly as possible to prevent them from losing out to other bidders.
Cathy Thomas, Director and Lawyer of Mason Thomas Law commented: “We are well versed in dealing with transactions that involve the assistance of bridging finance, this ensures that we can help investors to get their deals over the line as quickly as possible.”
The government’s Future High Streets Fund actively supports the change of use of buildings to housing. Its High Streets and Town Centres in 2030 report, sates that: ‘Green space, leisure, arts and culture and health and social care services must combine with housing to create a space that is the “intersection of human life and activity” based primarily on social interactions rather than financial transactions.’
Cathy added: “The demand for town and city centre is predicted to boom so investors need to act quickly. We can assist them in taking advantage of property deals on the high street.”
To learn more how Mason Thomas can help you take advantage of opportunities created by the new Permitted Development right, get in touch with the team today on 0114 2945 360.