There are nearly 28,000 Class MA development sites across England, with an estimated market value of over £1.5bn, which could be converted from commercial to residential use, according to data from Searchland.
Class MA buildings have permitted development rights (PDR) to be converted into a residential property.
Speaking in July, Housing Secretary Michael Gove targeted making it easier to turn commercial premises like shops and restaurants into residential accommodation.
London had roughly a third of all England’s Class MA sites, numbering 8,985, with an estimated market value of £928m.
The capital was followed by the South East and East of England, at 5,729 and 2,848 respectively, worth £385.4m and £186m.
The North East had the fewest sites with the potential for conversion, at 840, while developers also had fewer options in Yorkshire and the Humber (1,342), as well as the East Midlands (1,387).
These three regions only housed 12.8% of England’s sites between them.
In London, typical commercial premises had 157.0 square foot of space, compared with an English average of 170.3.
While Yorkshire and the Humber had a relatively low number of available properties, accounting for 4.8% of all stock, this region boasted the most space per property, at an average of 186.3 square feet.
The East of England had the second most space (183.9), followed by the South West (178.0).
Mitchell Fasanya, co-founder and CEO of Searchland, said: “Disused commercial sites are a cornerstone of the government’s approach to solving the UK’s housing problems, if the rhetoric from Michael Gove is anything to go by.
“Our data demonstrates that developers already have the opportunity to turn thousands of commercial properties into residential developments and these sites currently hold significant value in the current market.”
He added: “If you’re a developer looking for a site, availability is best in London and the South East, but if you want to buy a big commercial site Yorkshire and the Humber is the place to be.
“Following Gove’s comments we’ll be monitoring government activity, as there could be more choice in regions like the North East, Yorkshire and the Humber, as well as the East of England.”
