Recent enhanced Government regulations could potentially support the development of commercial property for UK businesses.
Commercial property owners and investors are pleased to hear that the recent government regulations are being pushed to the top of councils’ priority lists.
Development plans for new commercial property are expected to be fast-tracked to the top of council agendas in an attempt to increase small businesses’ fortunes.
According to the Department of Communities and Local Government, many of England’s largest cities may well give priority to commercial property development over the next few years, as they aim to encourage economic growth.
As part of the Localism Bill, the idea of giving more control to cities to create their own future developments-which will in turn lead to the formation of new business and jobs-has been praised by many.
All large cities will soon be invited to make a case for why they should house new commercial property developments.
Each city will be required to present evidence as to why it should be allowed to develop its Central Business District (CBD) and receive the commercial development finance it needs to drive business and create new jobs.
The idea has already attracted attention from cities minister, Greg Clark, with the idea set to be added to the Localism Bill for future development.
Greg Clark, Cities Minister said: “Dynamic cities are essential to faster economic growth across the UK so it’s vital they have the means to exploit their potential. We are determined to see UK cities given greater control over their economic destiny.”
If plans are passed into the Localism Bill, local authorities will be given the power to drive growth within their own areas in terms of planning, housing arenas as well as business development.
It means bodies can drive the profitability of their economy by having the ability to sign off on commercial property projects suggested by firms, which will be a gain for the economic growth of the area.
Core Cities Group, Chris Murray, said: “At a challenging economic moment, we need to set our cities free to really deliver and this change in the law will allow that to happen.”
If particular zones are in need of greater investment than others, bosses will be allowed to pull together resources and focus on projects they believe ought to have closer attention.
Should the new regulations receive Government sanction; authorities will have the opportunity to restore problems recently highlighted by business development director of the Local Data Company, Matthew Hopkinson, who indicated much of the UK’s commercial property stock is of the wrong type and in the wrong areas.
As a result of these plans, any property owners looking to invest in any new commercial property should make sure they have adequate commercial property insurance.
The regulations come among news that tenants’ satisfaction has heightened over the past year, according to a recent survey.
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