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.
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.
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.
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