Practically all our cities are currently experiencing vacancies, above all in office buildings and shop space. Less office space and shop space are needed today and much real estate has become outdated. These developments affect investors, developers, housing corporations and healthcare institutions.
These high vacancy levels call for innovative solutions. Government is encouraging real estate owners to come up with new uses for unoccupied real estate properties. The transformation process is turning office buildings into housing complexes. Care homes and healthcare institutions are increasingly also being converted into student flats or homes for the elderly.
The transformation process brings with it numerous legal aspects. For example, the Crisis and Recovery Act must be correctly applied, and account must be taken of such instruments as the Transformation PPP, the Fund for the removal of vacant buildings from the market (Leegstandonttrekkingsfonds) and the Demolition Fund (Sloopfonds). The requirements of the Buildings Decree must also be met. On the basis of the Vacant Properties Act, it is possible to temporarily let real estate. The attorneys of the Real Estate, Construction & Government practice group at BANNING regularly advise municipalities, housing corporations, investors and project developers on transformation programmes. Our advice is based not only on the legal context but also takes account of societal elements and the political playing field.