First Permitted Development Rights Scheme Has Been Sold for Conversion
Former offices at Lakesmere Close, Kidlington are being converted into housing by Cantay Estates Ltd. This was the first scheme of its kind in Oxfordshire to gain commercial to residential approval by Cherwell District Council.
Acting on behalf of Lakesmere Developments Limited, leading commercial property agents VSL & Partners has sold 1 -20 Lakesmere Close for £1.9 million to Oxford based developers Cantay Estates Ltd.
Work is underway to refurbish the 17,000 sq ft former office premises into 18 terraced houses and four flats most of which will be ready for occupation by March 2015.
Richard Venables, director at VSL & Partners explains: “This scheme is very important because it was the first of its kind to be approved in the area by Cherwell District Council.”
“There has been a significant surge in commercial to residential development over the last year but I believe the supply of buildings which would be suitable for conversion to residential has now dried up. Oxford City Council has recently applied for an article for direction to prevent permitted development rights on all of the key employment sites within the city boundaries. This will undoubtedly protect other sites but I think the fact to date has only been positive. It has driven the local economy through the conversion process and provided much needed housing stock. It should also stimulate commercial developers to consider new schemes, as the supply of office stock has diminished. To my mind these offices would have always been at the bottom of the queue and this erosion of stock will just accelerate the redevelopment programme.”
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