HARRIS LAMB OVERSEES SALE OF £1.5M PERRY BARR OFFICE BUILDING FOR RESIDENTIAL CONVERSION
Harris Lamb has seen a surge in potential buyers wanting to assert permitted development rights to convert office buildings into residential properties.
The latest opportunity has seen Fast Item Limited purchase a 30,000sq ft office building in Perry Barr, with the intention of refurbishing the site and transforming it into residential apartments.
Fast Item Ltd paid more than £1.5m for the Walsall Road site and will be able to carry out its plans without having to make a time consuming and costly formal planning application.
Thomas Morley of Harris Lamb’s Agency department, said: “The site doesn’t occupy a traditional office location, and the building lends itself well to a residential conversion.
“This has been the latest office disposal where the purchaser intends to convert an office building to residential.
“There is a still a real appetite for these types of opportunities in the current market. Around 90 per cent of the enquiries generated for the Perry Barr property were those recognising the potential residential opportunity and looking to exercise their permitted development rights.”
The sale of the building, completed recently, will see conversion work starting in the near future.