Develop or Refurbish Property
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10 February 2010
As developers have been struggling to obtain loans from banks
and building societies for new build projects, they seem to have diverted their
concentration to refurbishment projects of existing premises.
The British Council for Offices has identified in its November
2009 report , "Can do Refurbishment", that there are advantages of refurbishment
versus new build projects:
- possible savings in the projects;
- increasing the value of the existing investment;
- possible improvement of the premises and thus the environments
offered to client and customers taking advantage of capital allowances; and
- possible advantages in time scales in the planning process for
existing sites compared with new builds.
Refurbishment appears to be an attractive option to developers
in the current market and it can have its advantages. However, as with any
project, it is important for developers to do their homework prior to commencing
any project. In particular, developers are reminded of the environmental and
health and safety requirements that will be specific to each project.
Inam Ali is a Solicitor at Lawdit, specialising
in Commercial and Intellectual Property Law, and can be contacted via email:
inam.ali@lawdit.co.uk
About the Author
Lawdit Solicitors offer services and
advice for litigation, commercial contracts, Intellectual Property and IT legal
agreements. We are experts in commercial law with a heavy emphasis on
Intellectual Property, Internet and e-commerce law. Lawdit is a member of the
International Trademark Association, the Solicitors' Association of Higher Court
Advocates and we are the appointed Solicitors to the largest webdesign
association in the world, the United Kingdom Website Designers Association.
