Work starts on final phase of office-to-residential conversion
Addington Capital, the property investment and asset management specialist and its investor partner ICG have started work on the final phase of their Headingley Park residential scheme. An additional 70 new residential units will be created at Stockdale House; the fifth and largest building on the site.
Headingley Park is an office to residential conversion scheme in which four office buildings have already been converted to create 152 residential units. This final phase of 70 units at the fifth building, Stockdale House, will take the overall development to 222 units. Work has started following the NHS vacating the offices in the building.
Stockdale House is being converted under the last major PD Prior Approval issued in Leeds and the new units will be provided over ground and five upper floors. The scheme is designed to meet current space standards and will be completed in Q3 2024.
The Headingley Park development has proved attractive to young professionals and post graduate students in Leeds, due to being close to the City Centre and the University, in a large 6.5-acre parkland setting. Individual buildings provide 30 to 40 units which are predominantly studio, one and two-bedroom apartments. The conversion has been well received by renters to date, with the completed phases being 100% let and achieving rents of £900 and £1,275 pcm for one- and two-bedroom apartments.
Headingley Park has a residents’ lounge, co-working area and large landscaped gardens.
Martin Roberts, principal of Addington Capital, said, “We are delighted to be underway with the conversion of Stockdale House. The 70 high quality apartments will have spectacular views across the City and meet the growing need of today’s renters in Leeds.”
“The Stockdale House development completes the conversion of Headingley Park from an in-town office park to a 100% residential development. We believe that this is an exemplar for Permitted Development conversion of offices to residential and a road map for future schemes.”
Roberts added that relaxing the size limit of permitted developments, currently up to 1,500 square metres, would help increase the supply of brownfield residential sites in a carbon-efficient way amid falling demand for offices and increased energy efficiency refit costs.
