The Government recently announced a number of enhancements to permitted development rights that cover the redevelopment of barns and other agricultural buildings for residential use.
Previously the maximum number of units was three to a maximum of 450m². The new regulations, which came into effect on 6th April 2018, allow up to five homes to be created over a larger footprint of up to 465m².
The changes are covered under the regulations known as ‘Class Q Permitted Development’ and are designed to provide further opportunities for redundant agricultural buildings to be converted to residential use without formal planning.
As ever, there are various clauses and conditions which we recommend you seek professional advice on. But ultimately the Government’s aim, as confirmed by Dominic Rabb, Minister of State for Housing, is to provide ‘more options to convert agricultural buildings into family homes to better meet local housing needs’.
From a lenders perspective, we know high street banks can be reluctant to fund barn conversions. This is often due to the developers perceived inexperience and the potential complexities involved in the project. However, MSP Capital see the recent changes as providing further exciting development funding opportunities and have assisted a number of clients with barn conversion funding.
Tigbourne Farm is a stunning example of a scheme we recently supported. The project involved the conversion of seven farm buildings in Wormley, Surrey including a farmhouse, former milking parlour and Dutch barn. The project was undertaken with a residential development funding package from MSP Capital.
Click here for further details of this refurbished farmhouse scheme.
Images courtesy of: peter-wright-photographer.co.uk
We are also currently assisting a developer near Wimborne, Dorset with the completion of a former dairy house conversion. As the developer already owns the site, we have been able to offer a build loan package that provides them with maximum flexibility – and without formal monitoring in this instance. The project remains in the early stages, as the pictures below indicate, but in the weeks ahead a four bed cottage for holiday use will be completed.
Spring Farm Barns
McAdden Homes successfully completed a barn conversion project known as Spring Farm Barns in Goring, Oxfordshire. As experienced contractors, we were pleased to assist Matthew and his team with a flexible funding package that enabled them to complete the conversion and deliver two attractive 3,000 sq foot barns that realised £1.2m each.
In each case, obtaining finance from a supportive lender who understood the issues involved was key.
If you are contemplating undertaking a barn conversion and need development finance from a lender who really understands these types of schemes, please contact Adam Tovey or any of the team at MSP Capital on 01202 743400.