It is perhaps rather ironic that with much being made of the shortage of office space in London, some former office buildings, and warehouses are now being converted into residential homes. Commercial buildings that are no longer viable as office buildings - perhaps due to modern day health and safety regulations, perhaps simply because of the high cost of office space in Central London - are being converted into luxury homes.
Research firm H2S0 has conducted a study showing that between the years of 2001 and 2009, no less than four million square feet of office space in London's West End, primarily in areas such as Mayfair, Belgravia, Westminster, and Knightsbridge, were converted into properties for other purposes, primarily as residential homes. In many cases, the properties were sold for considerably higher sums of money as homes, than would have been the case had they been sold for commercial purposes. At the same time, buyers with money to spare, who are looking to create their dream home, could buy the properties and convert them to residential homes for far less than if they had been residential property in the first place, making the proposition a win-win situation for all concerned.
"Purchasers have the opportunity to own a piece of history while also reaping the benefits of a new home featuring every mod con, brand new interiors and the best technology available," says Peter Sawa from Holloway White Atom, the company which specialises in refurbishing old buildings.
