Addington Capital, the property investment and asset management specialist, has secured permitted development determination to change its fifth (and last) building at Headingley Park, Leeds from office to residential use.
Stockdale House, Headingley Park, the 43,000 sq ft office building, has received permission under Class O and will be redeveloped to create a new residential building on ground to fifth floor for 70 units which will be targeted at the private rented sector. 62 one bed apartments and 8 two bed apartments will be created for rent.
Headingley Park was acquired by Addington in a joint venture in August 2014. The asset manager has redeveloped four of the blocks on the site to PRS, creating 152 residential units to date.
Current occupation rates in the existing four buildings are at 97%.
The PRS scheme is managed by Add Living, the specialist residential management and leasing company, sister to Addington, which has an onsite residents’ services and maintenance team.
David Dalrymple, partner at Addington Capital, said: “Leeds has a population of around 780,000 making it one of the top four cities in the UK. It has a vibrant student and young professional population, but a shortage of suitable quality property to rent. Given current occupation levels, we are expecting demand for the new units at Stockdale House to be high.”
The current commercial tenants have leases expiring in October 2023 giving Addington around 12 months to get the PD conversion completed.