In the past 10 years more than 4 million sq ft of office space located throughout different areas of London has been turned into amazing homes. Now there is over 1.8 million sq ft that is available to turn into homes.
Old buildings are constantly being re-used in London and that is why the city is the leader in turning office space into homes. The economy may be weak but this is one of the reasons why office space that can be turned into homes is in high demand. When buildings are located in the centre of London then they will rarely lose value.
There are many buildings that have a lot of history to them as well as unique designs. This means that there are plenty of options for a person to choose from when they want to create a home from office space. Many types of buildings can be bought, such as pubs, churches and even chapels.
With the Government’s austerity package comes many public property disposals including hospitals, barracks, police stations and even ministry buildings. If a building can be converted in the centre of London, then it is a safe bet that it will get converted. This also includes the public restrooms. Many buildings in prime locations have already been turned into homes.
Many residential homes were created from office space but there is now 1.8 million sq ft of office space that has yet to be converted. This office space just needs the planning consent and then they can be converted to homes.
Elegant homes in areas such as central London keep going up in prices and despite the costs this makes conversions appealing. An office space’s worth is worth far less than the price it costs to buy a designer home that is located in areas such as Chelsea, Mayfair and Kensington. Homes in these areas run around £6,000 per sq ft.
Traditional neighborhoods are not as popular as business districts when it comes to conversions. Since many conversions are in business districts they tend to be very close to public transportation and many amenities. Commercial districts can become residential areas very quickly. One popular area that is transforming is the West End section.
There are many people who enjoy walking to work and this is why city-fringe addresses are very popular. Aldgate is home to number 75 and the building at that address was built back in the early 1900s. Co-operative Wholesale Society used the property as their main headquarters. The building was also occupied by the Royal Bank of Scotland. Now the building is where 42 homes are located and the homes are very elegant and unique. The building also has a unique clock that is similar to Big Ben but the clock is not quite as large as Big Ben. Residents who live there enjoy parking their vehicles in the underground parking area and they also get to enjoy a 24-hour concierge.