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News from the Residential Property Investor, the bi-monthly magazine for RLA members
other artilces from the August / September 2003 issue |
Work / live development rules too rigid - August / September 2003
A Birmingham planning department insistence that new developments in some areas of the City contain live/work accommodation may be well intentioned but misguided, according to estate agents Stirling Ackroyd.
Currently there is a shortage of buyers for unmodernised property with planning permission for development or for the completed developments coming onto the market.
As the movement towards city centre living continues, Birmingham's planners are starting to insist that some elements of new residential developments are given over to properties with integrated living and working space.
The concept works extremely well for some buyers, agrees Stirling Ackroyd's Philip Jackson. But unlike other places Birmingham's planners are insisting on a fixed split in the proportion of living and working area. 'This has significant impact on the type of buyer sought, the type of commercial mortgage finance that can be obtained, and the type of letting agreement, if the property is subsequently let', said Jackson
'Consequently the properties being approved in Birmingham do not offer enough flexibility and are not encouraging the creative mix of uses we see in other city centres'.
other artilces from the August / September 2003 issue