Vacant Building Credit Lights up Electric House
Planning permission has now been approved at Electric House in Croydon, in what is one of the first major applications in the UK to benefit from Vacant Building Credit.
Vacant Building Credit (VBC) was originally introduced by the Government in 2014 as an incentive to kick-start development, where any vacant space in a building which was being converted to residential use did not have to provide Affordable Housing. Following a High Court challenge by some local Councils, the adoption of the policy was delayed until the Court ruled in favour of the Government in May 2016.
Recognising this change in policy, Kingsbury’s planning management team adapted their planning application to allow for VBC and successfully negotiated both planning consent and listed building consent with the Local Authority under delegated powers.
Grade II Listed Electric House, which adjoins the planned £1.5bn Westfield / Hammerson development in Croydon town centre, will now be sensitively restored to provide over 25,000sq.ft. of retail and leisure space, plus 40 apartments, all for open market sale.
Kingsbury manage planning applications and development strategies on behalf of a range of private and corporate clients, where an emphasis is placed on delivering schemes which maximise value.
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