This is because office-to-residential conversions are often the subject of serious developmental problems, and on-going disputes over service charges and maintenance. For those involved in this, the nuances of building regulations, lease structures, and financing are critical.
Paul recently joined Harold Benjamin from Fieldfisher and advises HNW individuals, developers and institutional investors in complex transactions. These include ac- quisitions, disposals, landlord and tenant work, and structured finance. More recent - ly, Paul’s focus has shifted to investment, airspace developments, mixed-use develop- ment schemes, and acting for retail clients.
Sustainability and ESG
As the real estate market continues to evolve, so too must the approach to property management advice. Sustainability and ESG considerations are becoming increasingly important. For example, courts have found that adopting an approach to having an occupier mix is valid. There is no reason to suggest this cannot extend to sustainability considerations.
Airspace Development
Airspace development when urban space is at a premium has been an exciting new area for developers, who are increasingly looking upwards to unlock the value of unused rooftops. It allows for the creation of new floors and residential units without the need for additional land, making it an attractive solution in high- density areas like London. This type of development inevitably comes with its own set of legal complexities, including rights of light, freeholder consents, structural integrity concerns, and planning requirements, which require specialist knowledge. Nevertheless, we are likely to see more of this type of development as the need for space and the cost of land remains an area of conflict.
Conclusion
Space, cost and regulations continue to play their part in driving trends.
It remains important for those looking to maximise their value and return on investment to ensure that these changes are approached in a commercial and pragmatic manner.
Office-to-Residential Conversions
paul.olliff@haroldbenjamin.com
Office-to-residential remains another important way for developers to maximise value. The shift towards hybrid working especially has left many office spaces underutilised. With changes to permitted development rights a decade ago, the process has become more streamlined, but there are still legal and planning considerations to address.
Connect with Paul
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