'High-spec' apartments planned with £3 million investment in city centre building
A city centre building has been snapped up with plans to invest £3 million and turn the upper floors into 'high-spec' apartments.
Marygate House, at the top of Westgate, could also see another storey added to the four-storey building so a total of 36 apartment can be created.
The developer, IP Marygate House Ltd - a joint venture between Priestley Homes and DI Properties - bought the building for £650,000, with funding provided by Together Finance.
A planning application has now been submitted to Wakefield Council.
Under the proposals, existing ground-floor retail spaces will remain, and the developer is designing a new street scene, including upgraded shop fronts and canopies to improve 'kerb appeal'.
The 1970s commercial block is close to the town’s historic Civic Quarter, which is subject to major regeneration plans back by the council.
Nathan Priestley, chief executive officer of Priestley Homes, said: “As a Yorkshire-based business, we continue to see the huge potential in our smaller towns and cities, such as Wakefield.
“Wakefield is a city on the rise, driven by a council that is committed to bringing its ambitious regeneration plans to life.
"You only have to look at the scale of redevelopment in the Civic Quarter and the transformation of Rutland Mills into Tileyard North, an exciting, new creative hub on the waterfront.
“The confidence in the city is peaking. We are thrilled the council approached us to give Marygate House the jolt it desperately needs.
"We are known for delivering these kinds of quality residential developments; this will help drive interest in urban living in the area, boost the local economy and support many of the city’s businesses for years to come.”
If approved, the 36 apartments will be retained solely for private rent.
The developer says that the apartments will be finished to the "highest standard", with "luxury furnishings in an open plan living and dining area, including large windows, spacious bathrooms and up to 1GB fibre broadband.
A decision on the plans is expected later in the year.