Peter Rees, former chief planning officer for the City of London, warns massive refurbishment costs could lead to empty buildings across the cityscape.
Housing Today writes:
London’s skyline is in danger of being dominated by a forest of derelict residential towers in 100 years’ time if apartment owners are unable to fund essential refurbishment work, a former leading planner warned this week.
Peter Rees, former chief planning officer for the City of London, said there was a danger that funds set aside within apartment service charges for major renovation work on the new breed of private residential blocks would be insufficient to cover what was required.
Speaking to Housing Today’s sister title BD he said: ‘If future refurbishment cycles cannot be funded by the apartment owners, their investments will become unsellable long before the expiry of their 125-year lease,’ Rees said.