Conversion of historic former school breathes new life into buildings
The first phase in the renovation of one of Colne’s most historic buildings into a block of new apartments is expected to be completed next month.
Originally built in 1852 and extended in 1902, the building was formerly known as Wesleyan School and Sunday School where it is believed a young Wallace Hartley attended before going onto become the band master aboard the ill-fated Titanic.
Heritage Quarter House, located on Exchange Street, comprises a number of impressive character features, including the prominent Exchange Street Doorway which is exclusive to phase one of the development – made up of 17 apartments – and features the original door dating back to when the building was first constructed.
The first phase of the development also features a beautiful Italianate-style tower that is visible from many parts of Colne.
Phase two of the development, which is expected to complete in the summer, will add a further 13 apartments to the scheme.
The guide price for this first phase of the development is £2.35m, with this rising to £4m to include both phases. An anticipated six per cent rental yield has been forecasted, which is driving early interest among potential investors.
Ryan Griffin, part of the residential sales and lettings team at Savills in Manchester, said: “The restoration of Heritage Quarter House provides a fantastic example of how beautiful historic buildings that shape a town’s landscape can be given a new lease of life through the care, vision and craftsmanship taken to create this block of apartments.
“Not only do the apartments benefit from luxurious interiors throughout, they are also perfectly located to local amenities and key commuter links.
“Special opportunities like these rarely come around and that is already being reflected in strong early interest from a number of investors.”
According to Savills Research, new homes can, on average, save people up to 55% on their energy bills.