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In this episode, Kevin and Dan Eaton discuss converting commercial properties into residential use that can later be used for serviced accommodation. A property model that, in the current market, is especially ripe for exploitation.
Dan explains how to leverage the changes made to planning regulations in September 2020. He covers the subjects of the new commercial use classes, vacant periods and the difference between prior approval (permitted development) and planning permission.
KEY TAKEAWAYS
Any building or plot that is used for business purposes is classed as commercial.
The returns on commercial to residential conversions are very high.
The changes made to planning legislation in September 2020 has made converting commercial properties to residential easier.
Currently, you can change shops, banks etc that are up to 1,500 square meters into residential or SA use. Provided they have been vacant for 3 months.
Adding value pays. Right now, the UK desperately needs good residential property. When you convert commercial to residential you are certainly adding value.
Prior approval and permitted development mean that you know you are going to get the permission for your conversion and get it fast.
Because you know for sure that you are going to get permission to make the conversion, attracting investors is easy.
BEST MOMENTS
‘I once made £510,000 from one deal.’
‘You can now look at changing supermarkets into residential’
VALUABLE RESOURCES
The Serviced Accommodation Property Podcast
https://propertysoldier.co.uk/
Rich Dad, Poor Dad by Robert T Kiyosaki
Serviced Accommodation Success by Kevin Poneskis
GUEST RESOURCES
Email: [email protected]
ABOUT THE HOST
Your host Kevin Poneskis enjoys public speaking, travelling, exercising, and keeping fit. He also enjoys working with a charity called STOLL which provides accommodation and training for homeless veterans.
Kevin was in the British Army serving 24 years, mostly in a Commando unit and retired at the rank of Regimental Sergeant Major. He left the Army in 2011 and became a full-time property investor. During most of his Army career, Kevin was investing in property and has been a property investor now for over 27 years.
CONTACT METHOD
https://en-gb.facebook.com/propertysoldier/
[email protected]
