Transformation of neglected office building gets underway
Work is underway on the transformation of a neglected Staffordshire office building into 27 affordable apartments.
The building in Stafford town centre will be transformed over the course of the next seven months by developer Key Land Capital into a Private Rental Sector (PRS) development offering opportunities for investors.
Stafford Borough Council gave planning consent for the scheme, which should reach practical completion in Q2 2021.
Known as Image House, the development will deliver high specification one and two-bedroom apartments, breathing new life into the building which has stood empty for more than three years.
Key Land Capital chief executive Kevin Sharkey said: “After all the turmoil right across the economy caused by lockdown, it’s fantastic to see construction work commence on creating 27 quality, affordable homes to replace an unloved office building. We’re confident that now is the right time to get back to doing what we do best, delivering great quality homes and attractive investment opportunities.
“Stafford is a great place to invest. It is a growing town and has a strong demand for quality apartments in a central location, ideal for young professionals. The Foregate Building will offer good quality accommodation available at competitive rents.”
Funding for the £3.1m office-to-residential development has been agreed with London-based peer-to-peer lender Blend Network.
Contractor Connect PDI has been appointed to deliver the project.
Key Land Capital acquired the office building in Foregate Street in 2017. It is located opposite the Madford Retail Park and the former Stafford General Infirmary. The detached 12,146 sq ft building, originally purpose-built offices with on-site parking and ground floor retail units, was sold by a private developer with planning permission for conversion to residential use.