Allowing disused commercial land and buildings in London to be redeveloped could provide up to 420,000 additional homes for the capital by 2036, according to a leading THINK TANK.
Figures compiled by Policy Exchange found there are more than 500 hectares of empty or under-utilised industrial land across London alone – the equivalent to 750 football pitches – as well as a significant amount of vacant retail space in outer London.
The report also suggests that there should be a mechanism to fast-track the purchase of business premises and land which have been empty or disused for two years or more.
At first glance this all sounds quite sensible but commercial property is where jobs are created and companies grow. It would be a scandal if these are irreversibly converted to residential units. Where will businesses be able to flourish? It would be far better to transform empty, underutilised commercial space into business centres offering a range of flexible, fully managed serviced offices and workspace.
To learn how MSO Workspace can help you maximise your underutilised commercial property portfolio, call us today on 0845 370 7360