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Live / Work Units Are The Way Forward - June 13, 2006
Last summer, Philip Jackson from city centre specialist agents, was watching the Jewellery Quarter market closely, as the first live/work conversion took shape.
"The developer (Viti) had to work hard to ease the normally tight ration restrictions that were imposed on live/work units," he explained.
"In this area, the idea of live/work units is that they'll attract smaller, creative businesses as part of a wider regeneration programme. I'm pleased to see that since that first conversion, which has been very successful, Birmingham City Council's restrictions on live/work ratios have continued to ease. "There are VAT implications with commercial properties so, allowing those units to be built without designated ratios means they're more attractive to buyers, particularly start-up businesses which might not even be VAT registered.
"The lifting of restrictions is also good news for some of the Quarter's handsome, but deteriorating, older buildings. Traditionally, they'd be of limited commercial interest, but if there's an opportunity to convert them in to live/work units, it gives them a second chance.
"It's great to see this happening in the Jewellery Quarter because there's a much wider portfolio of commercial properties for small and start-up businesses. They can start off in the ?incubator' environment of The Big Peg and then move into their own units as they grow and become more established. And all the time, they're staying in a community which is home to other creative businesses."
Maguire Jackson, Leading Letting & Estate Agents in Birmingham City Centre: flats & apartments to rent Birmingham, property to rent Birmingham. Property, flats, apartments, for sale in Birmingham. Commercial property, offices to rent and for sale, Birmingham.
