INDUSTRY NEWS

London Borough Loses 50,000 sq. ft of Office Space

London Borough, Richmond, loses 50,000 square ft of office space after the government changes development plans.

In an effort to boost housing supply, the government permitted the right to allow office to residential conversions last year.

However, Richmond council is up in arms claiming that the change has affected business growth and “decimated” available office space.

A spokesperson from the council stated: “Richmond’s growing property market has already led to the displacement of many businesses as a result of granted development approvals.

The council in Richmond has teamed up with other local councils also affected by such changes in order to warn the government that these developments will lead to loss of employment opportunities which, in turn, could support the local economy.

Richmond council claims: “Officials at the DCLG (Department for Communities and Local Government) believed as few as five extra conversions projects across England would be completed per year as a result of the changes.”

Councillor Pamela Fleming, Richmond Council’s environment minister, stated: “We all want to see more homes built, but not at the expense of local jobs and a diminished local economy. Locally we lose out on all counts.”

By: Kirsty MacGregor

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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