£24.5m forward funding deal for office conversion scheme

160 new apartments are set to be built in Leicester after Cording UK Residential Investment Fund agreed to forward finance a proposed scheme by Aimrok Developments.

Planning consent has already been obtained for the development at Wellington House in the city centre. The 52,673 sq ft office building was built in the 1970s on the site of an old newspaper printing works and hosiery in Wellington Street.

The forward funding package will amount to £24.5 million if plans to add additional new-build units on the roof and in the courtyard are implemented.

Stepnell is due to start work on the site this month, with the project expected to be completed in Q1 2022.

Charlie Miller, director of residential acquisitions at Cording, said: “Cording’s proprietary research forecasts a sustainable high demand for affordable, professionally-managed accommodation in Leicester. Wellington House will provide low rise, Greenwich Village-style living that will appeal to tenants who want to live in the centre of Leicester.”