Office property to be converted into 70 homes
Property investment and asset management specialist, Addington Capital, has secured permission to change its fifth and last building at Headingley Park, Leeds from office to residential use.
Stockdale House, Headingley Park, a 43,000 sq ft office building, will be redeveloped to create a new residential building featuring 70 homes which will be targeted at the private rented sector.
A total of 62 one-bed apartments and eight two-bed apartments will be created for rent.
Headingley Park was acquired by Addington in a joint venture in August 2014. The asset manager has redeveloped four of the blocks on the site to PRS, creating 152 residential units to date.
Current occupation rates in the existing four buildings are at 97%.
The PRS scheme is managed by Add Living, a specialist residential management and leasing company, sister to Addington, which has an onsite residents’ services and maintenance team.
David Dalrymple, partner at Addington Capital, said: “Leeds has a population of around 780,000 making it one of the top four cities in the UK. It has a vibrant student and young professional population, but a shortage of suitable quality property to rent.
“Given current occupation levels, we are expecting demand for the new units at Stockdale House to be high.”
The current commercial tenants have leases expiring in October 2023 giving Addington around 12 months to get the conversion completed.
