Breathing new life into old spaces while meeting the UK’s growing housing demand
Leveraging existing building structures leads to immediate cost savings, resulting in reduced development costs per unit.
These conversions can be done in around 12 months opposed to 18-24 months for similar new build developments
The government's expansion of permitted development rights minimises planning risks associated with the conversion.
Minimal structural work is required, reducing overall development risk.
Our strategy contributes to addressing the growing demand for quality, affordable housing in town centres.
The availability of prime town centre locations makes our residences highly desirable.
For all of these reasons, KWP has fully embraced this development strategy, which has quickly become a highly profitable segment of our business. This success allows us to offer market-leading interest rates to our investors.
The commercial-to-residential strategy has become a major growth area for our business in recent years. This approach involves converting vacant commercial properties—primarily office buildings—into contemporary residential apartments.
By reusing the existing structure, only internal reconfiguration is required, significantly reducing both constructions time and costs.
Over the past decade – particularly following the rise of remote work prompted by COVID-19 – town centre offices and commercial properties have seen a significant decline in demand. Many of these buildings have become vacant and can now be purchased for considerably less than the cost of constructing new ones from scratch.
At the same time, a notable trend has emerged: individuals are increasingly choosing to live on the outskirts of town centres due to a lack of quality, affordable housing in central areas. This migration has negatively impacted the vitality of town centres—an issue local council are eager to address.
Our strategy is well-aligned to address both challenges – repurposing empty commercial spaces into
much-needed, high-quality town centre residences. This approach not only makes use of vacant buildings but also supports the regeneration of urban areas by bringing residents back into central locations.
This initiative is actively supported by local councils and backed by government policy, with recent enhancements to permitted development rights designed to facilitate these types of conversions. As long as specific guidelines and building regulations are met, these developments can proceed without the need for a full planning application – streamlining the process for developers.
