Most property developers have been waiting with bated breath for the new Class MA commercial to resi conversion. From 1 August 2021 converting a shop, restaurant, office, business, day nursery, GP practice or indoor sport (amongst others) into one or more residential units (C3) will become easier.
From then on the new Class MA business and commercial to residential permitted development right (PDR) will officially replace and introduce certain commercial to residential PDRs.
Before the Council responds to your prior application for the change of use under MA, get an idea on the key finance terms for buying a commercial unit and doing a commercial to resi conversion.
Once build costs exceed 25% of the purchase price this typically requires a heavy refurbishment loan. For lenders, their risk increases and their lending criteria tighten. So what do the latter look like on average at the moment? (Beware that each lender mixes and matches their own set of criteria.)
"If you need to raise funds for your business or property have you spoken with your bank yet?" This is the first question I ask business owners, property developers and landlords. High street banks…
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