£300m Civic and Cultural Quarter development attracts residential investment
A DONCASTER-based property company has completed the transformation of a leisure and residential site which is part of the town’s £300m Civic and Cultural Quarter development.
Empire Property Concepts has now released 15 studio rooms which have been converted from former bedsits above a town centre pub. The bar itself has also been modernised and agents Barnsdales said it is in discussion with interested parties.
Paul Rothwell, managing director of Empire, said he moved quickly to acquire the Turf Tavern site in College Road at an attractive price which enabled him to commit to a high quality improvement programme.
He said: “The Turf Tavern had been closed for many years. We heard it was available and we managed to buy it for just £140,000, enabling us to invest a further £300,000 on a major refurbishment.”
The building sits next to Doncaster’s former south bus station and is part of the Waterdale complex which is the subject of a £300m improvement programme covering 25 acres and taking place over six to eight years.
Main developers St Modwen announced it is about to start the redevelopment of the nearby Young Street car park to provide new retail and leisure facilities by early 2017.
Peter Rothery, residential sales and residential lettings manager at Barnsdales Living, appointed by Mr Rothwell, said the Waterdale development will add to the appeal of the studio rooms at a time when demand is increasing for urban residential opportunities.
He said: “Doncaster Council’s partnership with St Modwen is driving the transformation of the Waterdale area and the creation of the Civic and Cultural Quarter and this project by Empire Property Concepts is an example of the additional investment which is being attracted into the town centre.
“Urban living is definitely on the increase and there is a move towards the conversion of old commercial buildings for residential use. The beauty of this property is that it was previously used for residential and the fact that it was acquired for a good price enabled the new owner to invest more money in a high standard of modernisation.”
Mr Rothwell added: “We are building up a decent portfolio. We have other properties in Leeds and Doncaster and we are expanding into Barnsley, Castleford and Hull.
“Any big town or city centre is ripe for this type of development. There are a lot of empty buildings that need work doing on them and the Government has made it easier to get the necessary permissions for change of use.”
