Permitted development rights, brought in by the UK government in 2013, provide significant opportunities for residential property investors. Currently available in most parts of the UK until May 2016, they allow offices to be converted to residential properties, without the need to submit a change of use planning application for internal conversion works.

Financial rewards are undoubtedly on offer for shrewd investors capable of undertaking successful office to residential conversions. This is helped by a strong residential property market where the cost per sq ft of residential space can be four times greater than office space. Attractive tax breaks are also on offer - only 5% VAT is charged on conversion works, rather than the usual 20%.

Also, a large amount of stock is ready for development. Throughout the UK thousands of offices are unoccupied, and because they do not support modern working methods, are unlikely to ever be occupied again.

Clearly there are immense opportunities, but it would be unwise to believe they are simple, and developers considering embarking on these projects must be well prepared. Key points that should be considered at the outset are as follows: