Points to ponder when planning a new development
This year is heralded to be an ‘exciting year for commercial property’. An improving economic outlook has seen activity in the construction industry steadily increasing, culminating in eight months of growth to the end of 2013. Furthermore, this growth is not solely confined to housing and infrastructure projects; it also includes commercial building work, which is rising at its fastest pace since 2007.
With such an optimistic outlook, it seems fitting to bring to the fore some of the key challenges that often face any proposed development, with a view to ensuring that these issues do not delay or even derail a new development plan.
Perhaps the key issue facing any development plan, and also the one that can prove the most challenging for any developer to overcome, is that of obtaining vacant possession of the proposed development site. The nature of occupation will have the greatest bearing on how difficult it will be to clear occupiers from the site. A tenant occupying by way of licence, for example, will be considerably easier to remove than a business tenant who has security of tenure under the Landlord and Tenant Act 1954…
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