A LITTLE-known change in planning regulations could prove "lucrative" for owners of light industrial units, says property company Humberts.

The firm, whose offices include Windermere, York, Southampton and London's Mayfair, is advising owners of industrial properties of the change - which could mean such properties have "residential development potential".

Humbers says that in October 2017 a new class of permitted development rights came into place, to enable light industrial units to be converted to residential.

The company says this form of permitted development will benefit existing light industrial units, which are generally considered as small-to-medium-sized businesses which can operate successfully in residential areas without being a detriment to the neighbourhood. Examples could include small workshops and repair workshops.

Adam Phelps, head of land and new homes at Humberts, said: "The recent regulation changes mean that owners of these light industrial units can explore the residential potential of their building which for many would not have previously been possible.

"At Humberts we’re already helping a number of owners to recognize the value of their assets."

Humberts says that light industrial buildings located in certain protected areas, or that form part of a protected curtilage, are unlikely to be eligible for conversion to housing.

Exemptions include sites:

- where the existing floor space of the building exceeds 500 square metres

- that form part of a Site of Special Scientific Interest

- or are occupied under an agricultural tenancy, unless consent is given by both landlord and tenant.

Humberts added that permitted development rights only apply where the building needs no outside alterations. Planning permission would be needed for changes such as new window positions and exterior cladding.

If you think you have a site that meets the criteria and would like to explore the development potential, contact Darren Barlow at Humberts by emailing email darren.barlow@humberts.com or call 015394-82692.