Nottingham property entrepreneur Arran Bailey has announced that the £14m transformation of an outdated office block in Dudley is nearing completion.
A total of 141 flats will go on the market at Castle Court as part of the £14m project which is the latest in a long line of similar developments at Victoria Mill in Draycott and at the old Coop building in Ilkeston.
Arran bought the eight-storey office block, known as Falcon House, based in The Minories, after realising there was a shortfall in residential housing in the town.
The regeneration project has seen the building transformed into 65 one-bedroom and 76 two-bedroom apartments, with the first show home now available to view.
Arran Bailey, said: “This latest development will provide much-needed housing for people in Dudley.
“The new apartments look great and will appeal to young professionals in the town who may have been struggling to get on the property ladder.
“These apartments will go a long way in regenerating the area, attracting footfall and boosting the economy.
“We look forward to inviting people to come and view the show home to see what we have done with the building.”
Joe Billingham, from Prosperity-Wealth, said: “The units are selling very quickly due to the location, yield and potential for capital appreciation - particularly once news broke of the new metro link connection into central Birmingham, meaning the commute will be just a 20-minute transfer into New Street.”
Arran Bailey owns a vast portfolio of residential and retail regeneration projects across the UK.
The ALB group specialise in the conversion of residential and commercial properties throughout the UK.
Nigel Rhodes, managing director of Nottingham-based DL Rhodes, the building contractors who worked on the project, said: “Once again it has been fantastic working closely with ALB. This is our third large development with the company.
“The apartments are looking excellent and we are looking forward to handing them over towards the end of June.
“I have spoken to a lot of businesses and they are buzzing because they realise it will bring a lot of footfall into the area. It will boost the economy and make the area look superb.”
Lamont & Co, Birmingham’s lettings and management agent of choice for the region’s key developers, will be live on lettings at Castle Court from April.
Tony Lune, from Lamont & Co., said: “As an established letting and management agency based in the city, we’re excited to be part of the regeneration of Dudley as more and more working professionals live in Dudley and work in Birmingham.
“As rents continue to rise in the city we’ve seen a huge amount of interest in Castle Court - as it offers high-quality accommodation at a much lower price point than central Birmingham.”
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