Key Land homes in on office conversion completion
Work is progressing well on the transformation of a neglected Staffordshire office building into 27 quality affordable apartments, with completion expected early in the new year, developer Key Land Capital announced today.
The building in Stafford town centre is being transformed into an attractive development offering opportunities for first-time buyers and investors, with prices for studios starting at £97,650 and two-bedroom apartments at GBP142,000.
Stafford Borough Council gave planning consent for the scheme, which should reach practical completion in Q1 2021. Known as Image House, the development will deliver modern studios, one and two-bedroom apartments, breathing new life into the building which stood empty for more than three years.
Birmingham-based Key Land Capital is an investment and development business with a multi-million-pound portfolio of developments across the West Midlands.
Chief executive officer Kevin Sharkey says: “Despite the difficult economic and working environment for most of 2020, our team has made fantastic progress on creating 27 quality, affordable homes to replace an unloved office building.
“We’re doing what we do best, delivering great quality homes and attractive investment opportunities. Our showhome is now complete and viewings can be booked through our sales office.”
He added: “Stafford is a great place to invest. It is a growing town and has a strong demand for quality apartments in a central location, ideal for young professionals. Image House will offer good quality accommodation available at competitive rents.”
Funding for the GBP3.1 million office-to-residential development has been provided by London-based peer-to-peer lender Blend Network. Contractor Connect PDI is delivering the project.
Key Land Capital acquired the office building, in Foregate Street, in 2017. It is located opposite the Madford Retail Park and the former Stafford General Infirmary. The detached 12,146 sq ft building, originally purpose-built offices with on-site parking and ground floor retail units, was sold by a private developer with planning permission for conversion to residential use.
Key Land Capital is delivering residential projects worth more than GBP40 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.