Major changes to property planning system in England
New planning rules to increase property potential
A recent article in Car Dealer Magazine suggested that sites were being sought in an £100m initiative by retirement homes builder following the proposed changes to planning. As well as this the new rules provide an opportunity to adapt or repurpose an existing property. Our latest Focus On information sheet provides more details and gives a heads up on what you may need to consider and how you could restructure to maximise reliefs and returns.
From 1st September 2020, changes to the Town and Country Planning (Use Classes) Order 1987 will mean, subject to some exemptions, a change of use within the new use class can take place without having to obtain planning permission. Through these reforms the Government has promised to make it easier to “build better homes where people want to live”.
This will free up housebuilding and could be an opportunity for dealers and OEMs to sell sites to property developers and maximise their returns from land and property and/or re-purpose commercial property without planning permission so that it can permanently be used as (say) a café, office or even residential property.
In addition property owners will be able to build additional space above their properties via a fast track approval process, subject to neighbour consultation and there is potential to be ahead of the game and cash in now to realise and maximise value – particularly with the forecast impact of online sales and EV models looking to disturb the established market in the medium to long term.
Careful structuring could achieve tax efficiencies for Dealer groups too. Advice needs to be tailored but some high level and common other pros and cons have been set out in this downloadable advice guide.
Download a copy below or if you would like to discuss your requirements further, please contact a member of our specialist team:
+44 (0)7795 476 651
+44(0)7718 340 634
+44 (0)1908 662 255
+44 (0)1908 256 712