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Any companies looking to occupy a D1 premises know the struggle of finding suitable space. This does not just involve the same search process office occupiers go through, the space must also come under the planning use class D1, which refers to premises that have been marked for medical or healthcare services, nurseries, education, the displaying of art, museums, public libraries, or churches. However, although the classification covers a wide range of uses, it is very limited in supply.
This lack of supply combined with the current market, where demand has dropped, means that more landlords are considering allowing occupiers to change use; however, this process can take anywhere between four weeks and three months. Tenants are also expected to cover the costs of the change and organise the planning surveyor, although they are not expected to sign the lease before they start the process and Morgan Pryce has been very successful in negotiating agreements for leases in this situation.
Eugene O’Sullivan, Chartered Surveyor and Managing Director at Morgan Pryce, says; “Although going through a change of use is an additional headache when acquiring new premises for your business, getting the right surveyors involved early on can make it a very smooth process.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.