Addington Capital, the property investment and asset management specialist and its investor partner, ICG, have started work on the final phase of their Headingley Park residential scheme in Leeds.
An additional 70 new residential units will be created at the conversion scheme, which will see four office buildings converted into 222 units. Work has started on the latest phase following the NHS vacating the offices in the building and will be completed in Q3 2024.
The Headingley Park development has proved attractive to young professionals and postgraduate students in Leeds, due to being close to the city centre and the university, in a large 6.5-acre parkland setting. Individual buildings provide 30 to 40 units which are predominantly studio, one and two-bedroom apartments. Headingley Park is currently ranked ‘the best place to live in Leeds’ by residential review website, HomeViews.
Martin Roberts, principal of Addington Capital, said: “We are delighted to be underway with the conversion of Stockdale House. The 70 high-quality apartments will have spectacular views across the city and meet the growing need of today’s renters in Leeds.”
“The Stockdale House development completes the conversion of Headingley Park from an in-town office park to a 100% residential development. We believe that this is an exemplar for Permitted Development conversion of offices to residential and a road map for future schemes.”
He continued: “Given the falling demand for offices and the increased costs of making those properties energy efficient, we believe a relaxation of the size limit of new PD conversion, (currently up to 1,500 sq. m), would be a fast way to increase the supply of much-needed residential from brownfield sites, with a low embedded carbon solution.”
