The former Image House site will be renamed The Foregate Building and is being redeveloped at a cost of £3.5 million by investment firm Key Land Capital.
A revised planning application by Key Land Developments, increasing the number of apartments from 20 to 24 and adding a residents’ lift, has been submitted to Stafford Borough Council, which approved the original scheme in February.
The Foregate Building aims to deliver high specification one and two-bedroom apartments in the heart of the town centre, breathing new life into a dilapidated office building which has stood empty for more than 18 months.
Earlier this year, Birmingham-based Key Land Capital acquired Image House, in Foregate Street, which stands opposite the Madford Retail Park and the former Stafford General Infirmary.
The detached 12,146 sq ft building, originally purpose-built offices with on-site parking and ground floor retail units, was sold by a private developer with planning permission for conversion to residential use.
Key Land Capital , owned by partners Kevin Patrick Sharkey and AlexSutherland, will carry out the residential conversion once revised planning consent is achieved. Start on site is expected in spring 2019, with practical completion in 2020.
Kevin Sharkey, director at Key Land Capital, said: “We’re really pleased with the revised plans and are excited at the prospect of creating high quality homes to replace an unloved office building.
“We have been looking at Stafford as a great place to invest for some time. It is a growing town and has a strong demand for luxury apartments in a central location for young professionals. The Foregate Building will offer high quality accommodation but will still be affordable for first time buyers. We can’t wait to get started in the new year.”
Key Land Developments is currently working on residential projects worth more than £40 million across the West Midlands.
It aims to provide affordable, luxury and modern housing to students and professionals, whilst maintaining solid returns for investors. The company raises private investment to develop sites throughout the Midlands, a mixture of residential new build and office to residential conversions.
Other Key Land Developments projects include the £15 million Ringway House student accommodation development in Coventry, and Knights House, a £14.5 million office-to-residential conversion into 63 luxury apartments in Sutton Coldfield.