New lease of life for vacant former police building
A development firm has announced plans to transform a disused office block, previously used by West Yorkshire Police, following a six-figure investment.
Specialist lender Together has provided £806,000 to help Empire Property Concepts buy and part develop the 1960s-built Fell House in Wakefield, which sees the South Yorkshire developer expand its buy-to-let portfolio.
Property investors Paul Rothwell and Emma Thompson are set to embark on a major conversion project to turn the previously empty block into 32 self-contained one bedroom flats under permitted development rights – introduced to encourage the creation of housing from empty buildings.
Rothwell has built up a £33m property portfolio in 13 years, with his Doncaster-based company investing heavily in buying disused commercial buildings, renovating them, and letting the properties as rental homes.
For this latest venture, Together provided a £300,000 short-term loan for the purchase and another £506,000 towards the cost of developing the disused four-storey office block.
Barry Dillon, Together’s regional development director for Yorkshire, said: “This just shows how popular buy-to-let remains among forward-thinking property investors, despite changes to the sector.
“We were delighted to provide this loan and are pleased to be associated with such a successful property investment company. At a time when there is a severe shortage of housing across the UK, this redevelopment is one project which will provide more than 30 affordable rental units. It would be great to see others investing in similar projects.”
The disused building was previously used as offices for West Yorkshire Police before purchased by Empire Property Concepts.
Rothwell said: “It is a building which has been stood empty and we are looking to modernise it to transform it from quite an uninspiring building into a great place to live.
“We generally buy commercial buildings such as old offices and add value by refurbishing them and renting them out as self-contained flats, rather than converting existing residential properties. This latest project will go towards meeting the growing demand for housing and attract people into the city centre.”
The deal was supported by Yorkshire law firm hlw Keeble Hawson.
Partner Paul Goel said: “Having represented Paul Rothwell since 2010 and witnessed the sustained growth and success of Empire Property Concepts, we were delighted to apply our expertise to enable the development company to further expand its buy-to-let portfolio. It’s also been great to collaborate with Together to bring the planned conversion to fruition.”
