Croydon is set to reap the benefits of innovative conversions such as Inspired Homes’ redevelopment of Impact House.
The development of one of the town’s iconic buildings is certainly proving popular with the market, more than 50 per cent of the apartments having already been sold a year ahead of completion.
Purchased through permitted development rights, allowed by the government with the aim of converting underused offices and industrial units into residential housing, developers have been able to bypass traditional planning applications.
With the recent announcement that PDR has been extended until May 2019, the number of conversions is expected to surge over the next few years – although Croydon’s opportunity area is now subject to an Article 4 direction preventing further PDR after wide use of the policy during the three-year trial period.
British Property Federation chief executive Melanie Leech said the policy had been “a useful tool in breathing life back into underused commercial space,” adding “Any trip through our suburbs soon exposes redundant office space that, with the best will in the world, is never going to be brought back into commercial use. For such situations, this policy is helpful”.
There are concerns that more relaxed planning guidelines will lead to the production of substandard conversions with the authorities denied the right to enforce minimum space and adequate light requirements.
While some poor quality conversions have been proposed, this is certainly not the case for many developers who are taking advantage of the policy to build sustainable homes.
easyProperty is working in partnership with Inspired Homes to market Impact House in Croydon, South London.
Originally built as an office building, the development is undergoing an extensive refurbishment programme while retaining its original architectural features.
The project will see its spacious interiors upgraded to meet exacting contemporary standards and will be available to purchase at affordable prices.
“Every home offers an open plan interior designed for modern, luxurious urban living,” says Inspired Homes. “This means lots of natural light, solid wood floors and big name kitchens and bathrooms.”
Commercial-to-residential conversions created on the back of PDR are also eligible for the government’s popular Help to Buy scheme. In London, purchasers are able to borrow up to 40% on new-build properties providing they can qualify for a mortgage for the remaining amount.
At Impact House, prices start from just £293,950 – markedly lower than the average cost of a London home.
Having experienced decline since its heyday as a business hub in the 1960s, PDR is set to aid Croydon’s ongoing regeneration.
Currently surrounded by a number of untapped commercial buildings, its burgeoning town centre will stand to benefit from a raft of innovative conversions moments from Central London.
By partnering with Inspired Homes and Develop Croydon Forum, easyProperty has presented developers an alternative to the traditional estate agent.
Offering access to the UK’s major property portals for a flat fee in place of a percentage-based commission, developers are now able to bring ground-breaking residential units to market for a fraction of the cost.
To find out how easyProperty can help you market your development, please email Holly Johnson (holly.johnson@easyproperty.com)
* Martin Cavannagh wrote this article on behalf of easyProperty