Change of use on industrial land has been popular in London for decades, particularly due to the excellent location of many of London’s former mills, factories, and warehouses. Our client’s venture is located in Edgware, in the London Borough of Harrow – it is ripe for residential development comprising of both apartments and houses.
Our client wanted to use the space intelligently to maximise space and value. Property prices in Harrow have risen by over 13% in the last year, and 42% when compared to 2013. Flats in the area typically sell for just over £300k, whereas the average semi-detached property sells for around £560,000, offering our client an excellent yield on this investment.
Our design used a mixture of different sizes to cater to a number of different buyer types, with 1 bed apartments for first time buyers or investors, through to highly desirable 5 bed houses for families who need more space. The full range includes 1, 2 and 3 bed apartments and 3, 4, and 5 bed houses.
Due to the need for housing stock in and around London, industrial/commercial to residential conversions are an excellent investment and there are a number of planning incentives for boroughs to allow this change of use on this and similar sites. We hope to be ready to submit for planning permission in early 2017.