Vacant Wolverhampton building set to be given new life as flats
A vacant city centre property will be given new life after being sold for residential development.
London & Scottish Property Investment Management (LSPIM), the asset manager for Regional REIT Limited, has completed the sale of Network House in School Street, Wolverhampton, to Taylor Grange Developments.
The property, which comprises a four-storey office block situated above a parade of shops, has lain vacant for several years.
Steven Griffiths, Head of Asset Management for LSPIM, said the company had seen the property's long-term prospects as a key part of the Westside area redevelopment.
He said: "Since taking ownership, we have secured vacant possession from the remaining tenants, enabling the site to be marketed for development.
"We are delighted to have now completed our business plan for the property, and to have worked so successfully with Taylor Grange who will deliver the outstanding development that the community needs."
Sam Ginda, Director of Taylor Grange, added that plans had been approved to build a six-storey residential development with 113 state-of-the art flats and duplexes.
He said: "The regeneration plans for this part of the city centre are essential.
"We see Wolverhampton as a key investment area alongside our commitment to backing our great smaller cities, too many of which have been neglected for too long.
"Only a few weeks ago, the Ministry of Housing, Communities and Local Government announced that it is creating new headquarters in Wolverhampton, with 500 posts including senior civil servants moving to the West Midlands by 2025, which is fantastic news.
"The redevelopment of Network House will not only repurpose and bring back to life a somewhat desolate high street, but will provide much-needed homes for the city.
"We have also produced plans for the wider regeneration of the Fold Street carpark which, if submitted, will see a further 300 BTR residential units added to the scheme."
