Commercial to resi – a market boom from Leeds to St …
The 43,000 square foot office building, known as Stockdale House, has received Class O clearance and will be redeveloped to create a new residential building from the ground floor to the fifth floor for 70 units that will be used to the private rental sector. Some 62 one-bedroom apartments and eight two-bedroom apartments will be created for rent.
Addington acquired Headingley Park as part of a joint venture in August 2014, and the asset manager has already redeveloped four of the site’s blocks into PRS, creating 152 residential units to date.
Headingley Park is described as being “in a beautiful park of about 5.5 acres”, easily accessible from downtown Leeds. Addington says it has been refitted to the highest quality and has garnered great interest from the city’s growing young professional market. Current occupancy rates in the four existing buildings are 97%, according to the company.
The PRS program is managed by Add Living, the sister company specializing in residential management and leasing in Addington, which has an on-site resident service and maintenance team.
“Leeds has a population of around 780,000, making it one of the UK’s top four cities. It has a vibrant and young professional student body, but a dearth of quality real estate for rent. Given current occupancy levels, we expect demand for the new units at Stockdale House to be high, ”said David Dalrymple, Partner at Addington Capital.
The current commercial tenants have leases expiring in October 2023, giving Addington approximately 12 months to complete the authorized development conversion.
Adam Stackhouse, head of business developments and investments at Winkworth Realtors, said: St. With a cabinet reshuffle again behind us, it is frustrating that we are now under the leadership of our fourth Secretary of State in as many years, and it is perhaps not surprising that we find topics like as urban regeneration floundering when main streets and communities both call for a strong and practical policy.
He added: “Converting existing buildings makes good economic sense. If Michael Gove can influence this vital initiative, we could truly see downtowns come to life. When the buildings on the arteries connecting the main street are converted into houses, people will flock to the shopping districts on foot, and we will see them prosper once again.
The company acquires a former Debenhams store in Staines
Future High Street Living recently announced the acquisition of a 0.66 acre site in Staines consisting of a basement and vacant four-story department store formerly occupied by Debenhams.
A £ 9.5million loan for the acquisition has been made by property finance specialist ASK Partners.
The site is in Staines, located just west of London and just 3.6 miles north of Heathrow. Previously most associated with Sacha Baron Cohen’s fictional character Ali G, the region has experienced a renaissance in recent years.
The well-situated town on the Thames has seen major regeneration, including residential projects from two of the UK’s biggest home builders.
Plans for the city also include the emerging policy of the Council of Spelthorne, which includes this site on a list of preferred options.
This emerging allocation indicates that the site could receive a schedule for approximately 250 units. With this in mind, Future High Street Living has prepared indicative plans and intends to implement a mixed-use residential program, subject to consent.
Sam Ginda, Managing Director of Future High Street Living and the Taylor Grange Group, said: “We are delighted to have completed this acquisition in collaboration with ASK on such an iconic site that matches our vision and philosophy at Future High Street Living. We recognize that old retail locations like this are ripe for reallocation, and investing in developments like this will introduce much-needed new homes and new reasons to visit these areas again. “
He added, “We are working closely with Spelthorne City Council to ensure that we can deliver a high quality program through the design and amenities the area warrants and for the locals and their new residents. This is our fourth acquisition this year and we are very happy to deploy our vision with our valued financial partners. “
Daniel Austin, co-founder and CEO of ASK, added, “This is a great site that we were delighted to help fund. Developments from two leading home builders have repositioned Staines as a solid suburban location and set a new benchmark for values in the region.
“Considering its location on the Thames and excellent transport connectivity, alongside an increase in demand for high quality housing, I think a mixed-use residential project would be very successful at this site and I have can’t wait to see Future High Street Living’s projects come to fruition.