Office to resi revolution continues with the development …
One of the main development trends since the onset of the pandemic has been a surge in the number of office-to-housing conversions, as the workforce continues to work from home and businesses downsize or get rid of their employees altogether. offices.
The most recent example of this was seen in Leeds, where Addington Capital, a real estate investment and asset management specialist, recently sold 11 homes to owner-occupiers in its townhouse program of 16 houses on Melbourne Street and Lower Brunswick Street near the city center. Of the five remaining homes on offer, three are expected to be completed by the end of June.
Addington redeveloped what was originally an obsolete office building and turned it into twelve modern freehold two-bedroom, two-bathroom (Melbourne) townhouses and four three-bedroom, two-bathroom townhouses. bathrooms (Brunswick), all with gardens and parking.
The firm insists the properties will be particularly attractive to young professionals and young families who wish to live close to Leeds city center, which is just a mile away.
Good shopping opportunities are less than a mile away thanks to Leeds’ North Quarter, which has undergone significant regeneration in recent years with a number of new shops, bars and restaurants adding to its vibrancy.
“In line with Addington’s reorientation strategy, we have taken a tired office unit and created 16 modern homes, all with outdoor space and terraces to the rear, in line with ever-increasing homeowner demand,” Matthew Allen , Director of Addington Capital, commented.
“Leeds is one of the fastest growing UK cities. The city center has 758,000 inhabitants, including 27% of the population aged 20 to 34, and an economy that is expected to grow, notably thanks to financial services and businesses. It has a vibrant market of young professionals looking for quality space as they move up through the ranks.
He added: “We are delighted with the success of our redevelopment and that buyers have found our program attractive. “