Connect to Real Estate

The existing view corridors/framework were put into place by the last London Mayor and are due to be expanded by the current Mayor. These can affect buildings many miles away, as well as those in the immediate vicinity of the protected sites.
 
The implications for property owners resulting from the proposed changes are varied but the most notable example Bill gives is that of Clause 57 in the consultation document, which raises the question of whether a building that infringes the view can be replaced, even if destroyed by fire or terrorist action?

So what are the issues here... Should the building be destroyed the property could only be rebuilt to a pre-agreed set of criteria, being height and floor plate size. A property owner might - in the event of a 10 story building, for example - only be allowed to rebuild to five stories, therefore incurring a significant loss of rental income and investment value. Normal insurance - designed to meet the costs of reinstating damage and paying loss of rent during that period, as required by leases and funding agreements - would not compensate the owner for the far greater losses that would arise.
 
There are solutions out there and Bill's comments have certainly created a stir within the JLT Real Estate Team.

I would urge you to read the article and of course, please get in touch if you would like to chat about any of the issues raised in it with either myself or Bill.

Property Week Article: http://www.propertyweek.com/story.asp?sectioncode=274&storycode=3147259