Green light for retail to residential conversion
Planners have given the go-ahead to transform a huge retail unit in Birkenhead town centre into 59 new apartments.
Prosperity Developments has received planning permission to regenerate the building on Grange Road that was previously home to JD Sports and is currently occupied by Barclays, New Look and TK Maxx.
The development will see the conversion of vacant office space on the second and third floors of the building into one- and two-bed apartments.
Joint venture partner, ALB, will start work on the office-to-residential project early next year, with the development programmed for completion by the end of 2021.
Prosperity Developments and Gape Equity – part of Nottingham-based ALB Investments – acquired the 117,000 sq ft site from Columbia Threadneedle in May 2019, for a reported £1.5m.
Joe Billingham, founder and chief executive of Prosperity Developments, said: “We’re delighted to have received planning permission for what is an exciting residential project in the heart of Birkenhead.
“The area is set for £1bn-worth of investment, which promises to attract employers and create new jobs.
“This development will provide much-needed homes for local owner-occupiers, as well as offering an opportunity for buy-to-let investors keen to be part of Birkenhead’s transformation.”
He added: “As a business we have carefully developed a reputation for bringing profitable pre-built and off-plan property investments to market for more than 10 years, with an emphasis on key locations where yield and rental demand is high. We’re looking forward to starting work on this high-spec project early next year.”
The Prosperity Group of companies build, develop and sell affordable buy-to-let apartments to new homebuyers and a global investor audience.
The group has a residential and commercial portfolio with a gross development value of more than £400m, which includes 34 new-build and conversion projects.
