“Through Permitted Development Rights legislation, we are able to maximize the socio-economic value potential that is derived from converting surplus commercial space into high in-demand residential property.”
In the UK, along with many other places throughout the world, an increase in scarcity of available residential properties and spiraling costs are fueling a major housing crisis. The crisis is that we currently have a major shortage of housing – residential property is currently extremely high in demand and the market is stressed from a serious lack in supply. The average price of a house has grown from £4,500 in 1970 to £226,800 today, representing an increase of 4,940% in just the last 48 years. In areas such as London and Oxford, the average house is priced more than £450,000, which is about 15 times the average wage. The young, first-time buyers in general and low-income families are facing a a housing crisis which gives us a responsibility to develop our way out of this housing shortage and in doing so, we are presented with a positive opportunity.
Through special “Permitted Development Rights” legislation, Charter Life are able to maximize the socio-economic value potential that is derived from converting surplus commercial space in to high in-demand residential property. Permitted Development Rights (PDRs) are granted through Parliament as opposed the usual route of local authorities
Initially, Permitted Development Rights were temporarily introduced back in 2013 but certain aspects were made permanent in 2015, and further legislation since has increased our opportunity to identify and secure freehold acquisitions of a wider range of commercial property classes. Whilst not all commercial classes get carte blanche planning permission under PDRs, wherever a degree of planning permission is required the process of applying for planning permission is far smoother, less complex and subsequently more cost effective.
In addition to this, developments granted permission under the Permitted Development Rights legislation are required to be fully completed within a period of three years from the prior approval date. This means that our product to market timeframe is highly efficient from commercial site acquisition through to suitable residential conversion.