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We have seen clients with Small Self Administered Schemes (SSAS) which have invested in agricultural land, strong increases to their holdings on the back of recent RICS valuations. This could be due to a relaxation in planning laws on conversion to commercial property. As you may know, farmers do not currently require planning permission to erect non-residential buildings on their land if those buildings are intended for agricultural use. The Department for Communities and Local Government has confirmed that only existing farm buildings will be eligible for the new change-of-use rules. New barns can also only converted after 10 years’ of agricultural use.
The new rules will also increase the scope of “permitted development” rights that facilitate changing the use of offices into shops. A development from this will be conversion to residential property and therefore long term investment into agricultural land with pre-existing non-residential buildings could offer a good investment yield.
For clients seeking to invest into commercial property, please visit our the latest property auctions on our website at: https://www.pensionpractitioner.comlatest-property-auctions.