Class Q sites offer £1.3bn development potential

THE latest research from Searchland, a development site sourcing specialist, reveals there is an estimated £1.3bn worth of potential currently held within Class Q sites in England.

Searchland analysed the number of Class Q sites currently available across the country, the total building area they occupy and the current market value of this land if it were to be brought to market today.

Introduced in 2014, Class Q sites are a form of permitted development designed to ease the pressure with respect to housing in rural areas.

They allow the reclassification of buildings from agricultural to residential use, providing these buildings meet the required criteria.

The analysis by Searchland shows that there are some 10,373 Class Q titles found across England. The majority, 19 per cent, are in the South East, with 15 per cent in the East of England and in East Midlands, while Yorkshire and the Humber has 14 per cent, the North West and the West Midland each have 11 per cent.

Across England, it’s estimated that Class Q buildings cover 4,363,056 sq ft, with the average building size sitting at 421 sq ft. With developed land currently commanding £300 per sq ft, that’s a total market value of £1.308bn, averaging a potential £126,241 per building.

Not only is the South East home to the largest proportion of Class Q buildings at present, but with developed land commanding £414 per sq m, Searchland estimates that the region’s Class Q buildings could be worth £347.1m in the current market. In Yorkshire and the Humber it equates to £131m.

CEO of Searchland, Mitchell Fasanya, says: “There is a wealth of existing agricultural buildings that are ripe and ready for redevelopment into housing and they are worth a considerable sum.”