Current buzz words “Mixed Use Housing Developments”, brought to our attention by a growing number of clients buying into these. Referring to these ambitious projects as New Builds or Housing Association Projects undermines the sheer size of the venture and its goals!
So how are these different from a regular Housing Development? The difference is that Mixed Use Developments aim to build a sustainable community by not just providing affordable housing but also the facilities that contribute to growth of economy, efficient use of space, reduced travel and community facilities as leisure, healthcare or local retail.
The two of its primary objectives are Social Inclusion and Social Interaction, hence these developments offer Leisure facilities, Cafes and restaurants and Cultural Facilities with easy access to its residents. It seeks to facilitate informal human interaction that we often put down as daily life. Diversity in people, their activities and their purpose nurtures an open community lifestyle and Mixed Use Developments generate all these key contributing factors.
They are also usually located close to public transport and also offer large landscaped public spaces linked by cycle and pedestrian routes. The aim being to reduce our dependence of motorized travel and further contributing to minimizing our energy usage and its impact on the environment
These developments also boast of creating a safer residential environment, a direct consequence of efficient use of infrastructure, energy, space and buildings to accommodate non-residential uses. It encourages a variety of people to use the space at different times of the day thus ensuring public safety through self -policing.
Examples of mixed use developments that have caught our attention over the past year are:
1. London City Island of the Ballymore Group
2. Stratford City Development
3. Royal Arsenal Woolwich Development
There are several lenders that are favourable towards these developments, and they will even lend towards an off plan purchase or shared ownership
Given the level of expertise required, one is best advised to appoint a law firm with some experience of dealing with this kind of transaction and, it makes sense to have an independent solicitor and not one recommended by the developer.
Please contact us if you would like specialist advice about mixed use developments or if you would like quote for a proposed purchase.
Call us on 0207 183 0084 or email us on property@olaleslie.com if you need advice and to ask us any questions you have; we are always happy to assist.
We are Residential & Commercial Conveyancing Specialists!
