The main question is what sense it makes to renew it; it all depends on the calculation. Only wealthy individuals counting on profit have this kind of money, or (and here it is usually the case) the local community. This municipality has enough money to afford the renovation and make social housing with a minimum standard and a minimum rent. Of course, again, there is some calculation. If it doesn't work out, they tear it all down; sometimes, the land is worth more than the building on it.
You are viewing a single comment's thread from:
It likely is protected, these mills usually are..., so they can only renovate and not tear them down. So London people have bought it, they probably think it's going to sell as well as property does in the capital...
Yes, of course, I forgot about that. There are protected buildings here, too. The so-called Cultural Heritage Institute has to sign off on every construction, upgrading, and renovation permit. This is for all buildings, public and private. Sometimes, houses collapse because the owner isn't allowed to repair them. It has to be precise to their plans, which are, on average, 10x more expensive. 😂