The issue of disused real estate is not unique but is a global concern. Abandoned buildings and unused land occupy valuable space that could be repurposed to create new opportunities for people and communities. Moreover, redeveloping misused places could contribute to economic growth, provide affordable housing, and help to address the climate crisis by reducing the need for new construction.
In this article, we highlight the potential of repurposing unused properties and provide actionable steps for making it easier to achieve and raise awareness of why building on misused land is essential for economic and sustainable growth for now and in the future.
1. Streamline the Planning Process
The planning process for new developments can be lengthy and bureaucratic, which can deter developers from taking on disused real estate projects. However, the UK government can streamline the planning process to make converting the disused real estate into new opportunities easier. This can be achieved by reducing the number of stages in the planning process, making it easier to submit planning applications, and reducing the time it takes to receive a decision.
2. Provide Financial Incentives
Developers are often deterred from investing in disused real estate projects because of the high costs of renovating or repurposing the property. To make it easier to convert disused real estate into new opportunities, the UK government can provide financial incentives, such as tax breaks or grants. These incentives can help offset the costs of renovating or repurposing the property and make the projects more financially viable.
3. Simplify Regulations
Regulations related to disused real estate projects can be complex and challenging to navigate. This can deter developers from taking on these projects or make it difficult to comply with the regulations. The UK government can simplify these regulations to make it easier to convert disused real estate into new opportunities. This can be achieved by creating a clear set of guidelines for developers to follow, reducing the number of regulations, and making the rules easier to understand.
4. Foster Collaboration
Collaboration between developers, local authorities, and community groups can help to identify disused real estate opportunities and find innovative solutions for repurposing them. To make it easier to convert disused real estate into new opportunities, the UK government can foster collaboration between these groups. This can be achieved by creating a platform for developers, local authorities, and community groups to share information and ideas, creating funding opportunities for collaborative projects, and encouraging joint ventures between these groups.
5. Raise Awareness
Raising awareness of the potential of disused real estate can help to generate interest and investment in these projects. To make it easier to convert disused real estate into new opportunities, the UK government can raise awareness of the potential of these properties. This can be achieved by launching targeted marketing campaigns, showcasing successful examples of repurposed properties, and creating events that promote the potential of disused real estate.
In conclusion, converting disused real estate into new opportunities can be challenging. Still, by streamlining the planning process, providing financial incentives, simplifying regulations, fostering collaboration, and raising awareness, it can become more accessible.
At LEOS, we are always on the look outlookout for oportunisitcopportunistic invesmtnetsinvestments and provide financially viable support to help develop a more sustainable communitiesy.
If you are an SME real estate developer, landowner or building seeking capital, contact us today on email@example.com.