Victorian wool warehouse transformed into apartments

A development of 39 apartments that has seen the transformation of a former Victorian wool warehouse has been officially unveiled in the centre of Newark.

The ribbon cutting was presided over by the Deputy Mayor of Newark, Diane Ledger.

The Textile Building on Victoria Street is the brainchild of Jinny Yang, founder and managing director of JYD Group.

Having stood empty for several years following earlier iterations as a wool warehouse, pine factory, and bricklaying training facility, the site, which is comprised of four different buildings, has been transformed to realise the vision of the team at Wilson Architects with the on-site work carried out by R Betts Property.

The interior design has been handled by bureau de change based in London, Amanda Campbell Interiors in Newark and Plot Design in Nottingham.

Offering studios, one- and two-bedroom apartments, The Textile Building also boasts co-working space and yoga studio for the residents, a lobby, a communal courtyard garden and electric vehicle charging points for cars and bikes.

Jinny Yang said: “Newark is enjoying a significant level of regeneration and boasts fantastic transport links with the rest of the UK – London just 75 minutes away. When coupled with the fundamental shifts in how people now work, up and coming areas such as Newark take on a new appeal amongst those looking for luxury living at an affordable price point.”

Hui Xu from Cura Investments, the JV partner delivering the development with JYD Group, added: “We have developed The Textile Building with the utmost attention to detail. The building enjoys a huge amount of natural light which has allowed us to deliver these modern and unique living spaces, coupled with the facilities that young professionals and investors demand in a contemporary development of this kind. Interest has already been incredibly strong with over 38% of the units already reserved.

“With the development now fully complete, we anticipate that demand to increase and look forward to seeing residents really bring the site to life.

“Coming from London, I feel this scheme delivers excellent value to BTL property investors as well. The rental yield is central London is around 2% – 3%, compared to 5% – 8% in Midlands. It’s a no brainer. On top of that, investors save on stamp duty and benefit from risk diversification and long-term capital gain as well – something which is often overlooked.”