New homes development unveiled as offices acquired in Lichfield
An artist's impression of the proposed development at Shire House in Lichfield, Staffordshire
New homes development unveiled as offices acquired
An empty West Midlands office building is set to be transformed into 35 high quality apartments after being acquired by a property development and investment company.
Key Land Capital has purchased Shire House, Birmingham Road, Lichfield, from CPD Properties, in a £1.2m off-market deal.
The Birmingham-based developer plans to demolish the office building and replace it with a new, four-storey development of high specification apartments, which will be available to rent.
The company will apply to Lichfield District Council for full planning consent to convert the site of the existing 10,064 sq ft of office space. A small development of five houses is also proposed for land at the rear of the Private Rented Sector (PRS) scheme.
Shire House, which is currently laid out in three self-contained office suites with parking spaces for 45 cars, has been vacant for over 18 months. It was formerly occupied by Primis Mortgage Network and TMA Mortgage Club.
Funding for the £3.1 million office-to-residential development has been agreed with London-based peer-to-peer lender Blend Network. Contractor Connect PDI has been appointed to deliver the project.
Kevin Sharkey, founder of Birmingham-based Key Land Capital, said: ““Our team has an enviable track record of creating outstanding residential developments in desirable locations, and we are delighted to have added Shire House to our portfolio.
“We have exciting plans for the future of Key Land Capital and the current crisis hasn’t dampened our ambition. There’s nothing more satisfying than being able to breathe new life into a neglected building.
“At Shire House, we have a fantastic opportunity to create 35 high quality apartments in an excellent location – just a short walk to the historic city centre with its range of shops, bars and restaurants and, of course, the outstanding cathedral. There are also excellent road links, with the A38, A5 and M6 Toll Road all easily accessible, and Lichfield City train station is just a five minute walk away.”
He added: “We will be applying to Lichfield District Council for planning consent for a Private Rented Sector scheme which would create much-needed new homes for the city. We hope to be in a position to start on site before the end of the year.”
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