New lease of life for former NHS building

A FORMER NHS building in Warwickshire is set to be converted into a new residential development following a new investment deal.

Park House, formerly used as a Patient Advice and Liaison Service (PALS), has been purchased by property developer, Space GK. The terms of the deal have not been disclosed.

The developer plans to refurbish and divide the property into eight luxury apartments consisting of a combination of one and two bedroom duplexes with very distinctive floor plans. One of the duplexes will also have a roof terrace.

Space GK aims to have the show house open later this month.

The property, which was marketed by Shortland Penn + Moore, is based on Avenue Road, an area popular with young professionals given its commutable location and close proximity to the train station.

This latter point was one key to persuading Space GK director, Gary Kedgley, to commit to the building.

He said: “Leamington is a thriving town which is growing both in terms of employment and the economy, and also home to a large population of young professionals.

“Taking this and Space GK’s philosophy (the creation of exceptional space) into account, we decided the opportunity that promised the most potential was to redevelop Park House into a series of unique apartments that would appeal to executives and professionals.”

After relocating to the region from Stamford, Lincolnshire, Mr Kedgley said he had been impressed by the property market across Warwickshire.

“Although Space GK has redeveloped property in the past, this will be one of the first properties we’ve refurbished in the area, and so far we have been really impressed by the opportunities available and popularity of the market,” he said.

James Compton, of SP+M, said there had been a trend of late with former NHS properties gaining in popularity, largely due to the NHS policy of consolidating staff into its larger, higher-end properties.

“This is the fourth former NHS property we have marketed recently, which we believe is a trend that will continue as it looks to release funds from the sale of smaller properties that are surplus to requirements,” he said.

“Given the affluent and growing economy of Leamington Spa, it was no surprise that Park House was snapped up quickly. Opportunities for residential developments within the town centre are rare, so the property presented an exciting prospect.”