Key Land Capital acquires office building for resi development
An empty West Midlands office building is set to be transformed into 35 high quality apartments after being acquired by a property development and investment company Key Land Capital.
The company has purchased Shire House, Birmingham Road, Lichfield, from CPD Properties, in a GBP1.2 million off-market deal.
The Birmingham-based developer plans to demolish the office building and replace it with a new, four-storey development of high specification apartments, which will be available to rent.
The company will apply to Lichfield District Council for full planning consent to convert the site of the existing 10,064 sq ft of office space. A small development of five houses is also proposed for land at the rear of the Private Rented Sector (PRS) scheme.
Shire House, which is currently laid out in three self-contained office suites with parking spaces for 45 cars, has been vacant for over 18 months. It was formerly occupied by Primis Mortgage Network and TMA Mortgage Club.
Kevin Sharkey, founder of Birmingham-based Key Land Capital, says: “Our team has an enviable track record of creating outstanding residential developments in desirable locations, and we are delighted to have added Shire House to our portfolio.
“We have exciting plans for the future of Key Land Capital and the current crisis hasn’t dampened our ambition. There’s nothing more satisfying than being able to breathe new life into a neglected building.
“At Shire House, we have a fantastic opportunity to create 35 high quality apartments in an excellent location – just a short walk to the historic city centre with its range of shops, bars and restaurants and, of course, the outstanding cathedral. There are also excellent road links, with the A38, A5 and M6 Toll Road all easily accessible, and Lichfield City train station is just a five minute walk away.”
He added: “We will be applying to Lichfield District Council for planning consent for a Private Rented Sector scheme which would create much-needed new homes for the city. We hope to be in a position to start on site before the end of the year.”
Key Land Capital is delivering residential projects worth more than £40 million across the West Midlands. Its mission is to provide affordable, luxury and modern housing to students and professionals, whilst maintaining solid returns for investors. The company raises private investment to develop sites throughout the Midlands, a mixture of residential new-build and office to residential conversions.
CAPTION: An artist's impression of the proposed development at Shire House in Lichfield, Staffordshire.
About Key Land Capital:
Key Land Capital PLC is made up of Key Land Ventures and Key Land Developments. The ventures side of the business looks to acquire businesses with high growth potential in a number of specific sectors across the Midlands, as well as investing in exciting new startups. An experienced management team is then put in place to develop and grow the companies in line with a targeted plan with the aim of exiting the companies with 3-5 years.
The development arm of the business aims to provide affordable and modern housing to students and professionals, whilst maintaining solid returns for investors. We acquire private investment to develop sites throughout the Midlands with a mixture of residential new build and office to residential conversions. For more information please visit www.keylandcapital.com.