top of page

Finanze Daily Digest - 21/11/2021

Writer's picture: Alastair HoyneAlastair Hoyne

The Brief: England’s office space stock is contracting at its fastest rate in 20 years, according to Boodle Hartfield. Workspace supply fell 2% in the year to the end of March. The law firm attributes the decline of almost 20 million sq ft of office space to the increase in hybrid working models and the slowdown in construction activity.


Why It Matters: Workplace flexibility during the pandemic has greatly contributed to the decline in demand for offices across the country. In a separate report, Boodle Hartfield states that number of office buildings approved for conversion to residential housing surged 24% in 2021 from a year ago.


Finanze Foresights: The revised Permitted Development Rights (PDR) from August 2021 allowed the conversion of commercial, business and service buildings (Class E) into C3 residential properties without planning permission as long as the project meets several conditions. This has been supported by many in response to the growing housing shortage in the country, and is deemed socially responsible since many buildings, especially retail centres, had their occupancy rates plunge deeply during the peak of the pandemic. In addition, a 2021 study on the impact of planning policies in the UK concluded that London buildings that were qualified for automatic rights for office-to-residential conversion experienced a significant rise in value compared to those that were not. But these conversions have met resistance at the same time. While the pandemic has brought building repurposing to a new high, putting them into practical use became controversial in the past years as some groups claim that residential units are made with substandard materials that make them unfit for habitation, and local governments have had to spend more on public security, educational facilities and social services to cater to growing communities. In early November, council members in Norwich City sought city officials to change the planning process since the city may lose its status as an economic hub if more offices are converted into flats. In this case, we are reminded of the importance of sustainable urban planning on economic growth that balances the need for housing and the development of an area.



---




To the fullest extent permitted by law, Finanze Ltd are not responsible for any errors or omissions in any statements, views, opinions, facts, figures, commentary or any other material in the articles contained herein, or for loss arising from its use or performance, or for the results of any actions or lack of action taken on the basis of information provided in articles.



The topics covered in articles are complex and do not substitute the need for financial, legal, accounting, tax and other advice before making any decisions or taking any action based on information in articles.

0 views
Finanze Main Logo White.png
TrustMix Rating
  • LinkedIn

Finanze (Ireland) Limited is an introducer not a lender.  Our services are strictly for corporate use only and not available for individuals.

 

The information contained within this website is subject to the Irish regulatory regime and is therefore targeted at corporate consumers based in the Republic of Ireland.

 

The Central Bank of Ireland does not regulate some forms of Business Buy to Let Mortgages and Commercial Mortgages to Limited Companies.

 

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.  

There will be a fee for loan research and processing, the precise amount will depend upon your circumstances. Your Consultant will confirm the amount before you choose to proceed but we estimate it to be a minimum of 1% of the gross loan value for standard transactions and 1.5% for specialist transactions.

Commission disclosure: We are a credit broker and not a lender. We have access to an extensive range of lenders. Once we have assessed your needs, we will recommend a lender(s) that provides suitable products to meet your circumstances and requirements, though you are not obliged to take our recommendation. Whichever lender we introduce you to, we will typically receive commission from them after completion of the transaction. The amount of commission we receive will normally be a fixed percentage of the amount you borrow from the lender. Commission paid to us may vary in amount depending on the lender and product. The lenders we work with pay commission at different rates. However, the amount of commission that we receive from a lender does not have an effect on the amount that you pay to that lender under your credit agreement.

It is our intention to provide you with a high level of customer service at all times. If there is an occasion when we do not meet these standards and you wish to register a complaint, please write to: Compliance Department, Finanze (Ireland) Limited, 1 Lakeview Point, Claregalway Corporate Park, Galway, H91 V672.. 

To the fullest extent permitted by law, Finanze (Ireland) Limited are not responsible for any errors or omissions in any statements, views, opinions, facts, figures, commentary or any other material found in this website, or for loss arising from its use or performance, or for the results of any actions or lack of action taken on the basis of information provided in this website. The topics covered in the website are complex and do not substitute the need for financial, legal, accounting, tax and other advice before making any decisions or taking any action based on information in this website.

The Trade Mark FINANZE® belongs solely to Finanze Group Ltd (UK). Only Finanze Group Ltd have an exclusive right to use the Trade Mark. Finanze Group Ltd’s Trade Marks on this site represent some of the Trade Marks currently owned or controlled in Ireland. Other Trade Marks may also be used Finanze Group Ltd.  The use of Trade Marks from this site are strictly prohibited unless you have prior written permission from Finanze Group Ltd.

© 2024, Finanze (Ireland) Limited (trading as Finanze) is a wholly owned subsidiary of Finanze Ltd (UK).. Company Number: 770159.

Registered Address: 1 Lakeview Point, Claregalway Corporate Park, Galway, H91 V672. All Rights Reserved

bottom of page