Shopping mall owners on Tuesday said the Chancellor’s move to reduce planning restrictions around combining retail and residential properties will be good for businesses.
The Budget outlined proposals to allow more upwards extensions above existing commercial buildings.
Philip Hammond also said he will soften planning laws that make it hard for shops to be converted into homes.
Allan Lockhart, the boss of NewRiver Reit, which has 34 shopping centres, said: “Extending permitted development rights underpins the strategic land value of town and city centre retail sites, and will help alleviate the UK’s housing crisis.”
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Mark Bourgeois, Hammerson’s managing director UK and Ireland, said: “Earlier this year we launched our city quarters concept to maximise the urban space around many of our flagship schemes, so any new measures introduced which support this initiative are welcome.”
His firm, which is behind the Brent Cross centre, has identified over 45 acres of land where it has scope to do redevelopment projects.