£3m residential transformation for commercial block
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Wakefield’s Marygate House has been acquired for residential development, with plans to add a new storey to the building and create 36 apartments for rent.
The developers, IP Marygate House Ltd – a joint venture between Priestley Homes and DI Properties – purchased the site for £650,000 with funding provided by Together Finance.
Marygate House benefits from permitted development rights to convert the upper floors of the four-storey building into residential units.
A planning application was submitted to Wakefield Council in March 2021 for the construction of an additional storey to maximise the site’s development potential.
The 36 apartments will be retained solely for private rent, managed jointly by the Priestley Group and DI Properties.
The £3m refurbishment scheme will see the existing ground-floor retail spaces remain. The developer is designing a new street scene, including upgraded shop fronts and canopies to create a mixed-use scheme in the heart of the city centre.
Located on Marygate in Wakefield’s main shopping district, the 1970s commercial block is close to the town’s historic Civic Quarter, which is subject to major regeneration plans backed by the council.
Nathan Priestley, chief executive officer of Priestley Homes, said: “Wakefield is a city on the rise, driven by a council that is committed to bringing its ambitious regeneration plans to life.
“The confidence in the city is peaking. We are thrilled the council approached us to give Marygate House the jolt it desperately needs.
“This will help drive interest in urban living in the area, boost the local economy and support many of the city’s businesses for years to come.”
A decision on the planning application is expected in quarter three 2021. Priestley Construction will then begin work on a 12-month build programme in quarter four 2021.