Boost for office-to-home conversion
Published: 20 March, 2013
Merchants could see a growing market in refurbishment material sales from burgeoning office-to-home conversions.
Private equity investor Consensus Capital has launched a £50m programme to convert vacant city-centre office buildings into social housing. Subsidiary Consensus Capital Property said it will roll out 25 developments over the next two years, providing 1,200 flats for housing associations.
The first development is underway in Perth with six similar developments planned across Edinburgh (which will have two), Glasgow, Manchester, Birmingham and London.
Consensus Capital chief executive Mark Emlick said: “We have identified a niche in the commercial to residential development market which is attracting significant interest from housing associations across the UK who want to develop new stock but have been constrained due to cutbacks and lack of developer activity.
“This is a key development for Consensus Capital plc and our property arm and we see this providing a major platform for growth over the next few years.”