One of the major development trends since the pandemic began has been a large increase in the number of offices to residential conversions, as workforces continue to work from home and companies downsize or get rid of their office space altogether.
The most recent example of this has been seen in Leeds, where Addington Capital, a property investment and asset management specialist, recently sold 11 houses to owner occupiers in its townhouse scheme of 16 houses on Melbourne Street and Lower Brunswick Street near the city centre. Of the remaining five homes under offer, three of these are expected to complete by the end of June.
Addington has redeveloped what was originally an obsolete office building and repurposed it into twelve modern freehold two-bed, two-bath townhouses (Melbourne) and four three-bed, two-bath townhouses (Brunswick), all with gardens and parking.
The firm insists the properties will be particularly attractive to young professionals and young families who want to live near Leeds city centre, which sits only one mile away.
Good shopping opportunities are less than half a mile away thanks to the Norther Quarter of Leeds, which has seen significant regeneration in recent years with a number of new shops, bars and restaurants, adding to its vibrancy.
“In line with Addington’s re-purposing strategy, we took a tired offices unit and created 16 modern houses, all with outdoor space and terraces at the back, in line with ever-increasing homeowner demand,” Matthew Allen, principal at Addington Capital, commented.
“Leeds is one of the UK’s fastest-growing cities. The city centre has a population of 758,000 with 27% of the population aged between 20 and 34 and an economy forecast to grow, particularly on the back of financial and business services. It has a vibrant young professional market looking for quality space as they move up the ladder.”
He added: “We are delighted in the success of our re-development and that buyers found our scheme attractive.”
This post has originally been featured in Property Investor Today.