Property giant aims to build 4k homes across London

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The downturn in the retail sector could mean a boost to London’s housing stock. Landsec, which owns and manages a large number of offices, retail and leisure facilities in the capital, is to build more than 4,000 homes on some of its sites.

The property giant is to submit planning applications for schemes at Finchley Road and Shepherd’s Bush that would include 1,700 homes. There are further plans to add residential property to its site in Lewisham, which includes a shopping centre.

Exploring potential across capital

The Lewisham development would create a new town centre in the south London borough.

Landsec chief executive Robert Noel said: “We are exploring the potential at other locations in London.”

There is increased demand from home buyers for property in London and across the UK. At the same time much of the retail property sector is contracting.

Easier to convert retail to residential

Last month the Chancellor Philip Hammond addressed that situation in his Budget, announcing relaxation of planning regulations that will allow easier conversions of retail and commercial units into domestic residences.

The move by Landsec to build homes on their retail sites reflects the direction of travel for that type of land.

About the Author Frances Traynor

Fran is the content writer for Capital Conveyancing, producing articles on all aspects of the conveyancing process and around the UK property market in general. If there is a topic you'd like to see covered on these pages, please drop Fran a line on Frances@searchesuk.co.uk.

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