The detached 12,146 sq ft building in Stafford town centre — which developer Key Land Capital acquired in 2017 — will be converted over the course of the next seven months into an attractive PRS development, offering opportunities for investors.
The scheme, known as Image House, was given planning consent by Stafford Borough Council, and aims to reach practical completion in Q2 2021.
It will deliver one- and two-bedroom apartments, breathing new life into the building, which has stood empty for more than three years.
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Funding for the £3.1m office-to-residential development has been agreed with London-based P2P lender Blend Network.
Contractor, Connect PDI, has been appointed to deliver the project.
“After all the turmoil right across the economy caused by lockdown, it’s fantastic to see construction work commence on creating 27 quality, affordable homes to replace an unloved office building,” said Key Land Capital CEO, Kevin Sharkey.
“We’re confident that now is the right time to get back to doing what we do best, delivering great quality homes and attractive investment opportunities.
“Stafford is a great place to invest.
“It is a growing town and has a strong demand for quality apartments in a central location, ideal for young professionals.
“The Foregate Building will offer good quality accommodation available at competitive rents.”
Birmingham-based developer Key Land Capital is delivering residential projects worth more than £40m across the West Midlands.
Its mission is to provide affordable, luxury and modern housing to students and professionals, while maintaining solid returns for investors.
The company raises private investment to develop sites throughout the Midlands, a mixture of residential new-build and office-to-residential conversions.