Property buyers could find themselves with more options if the government listens to the National Association of Estate Agents’ (NAEA) call to transform vacant high street retail stock into housing. However, the organisation noted that anybody converting retail space needs to consider a variety of factors, including the cost of conversion against new build as renovating commercial property often involves costly skilled labour in order to meet residential housing standards.
Companies also need to think about whether the surroundings of a property are suitable for residential use – for instance, some locations may be closer to shops and bars, but this means they will be noisier at night and may not be located close to other essential facilities such as schools.
“Commercial property owners are facing high business rates for buildings that no-one occupies,” said Peter Bolton King, chief executive of the NAEA. “Therefore, in the right circumstances, converting these buildings for residential use could have an aesthetic and economic benefit. However, such renovations are not simple undertakings.”
