A rare development opportunity in the heart of Leamington Spa has been snapped up by an investor - promising new residential property in the centre of the town.
Park House, a former NHS property which was used as a Patient Advice and Liaison Service (PALS), has been purchased by property developer, Space GK.
Now, Space GK is working to refurbish and divide the property into eight luxury apartments consisting of a combination of one and two bedroom duplexes with very distinctive floor plans. One of the duplexes will also have a much desired roof terrace and Space GK will have the opening of their show house by mid-October.
The property, which was marketed by Shortland Penn + Moore, is based on Avenue Road, an area popular with young professionals given its commutable location and close proximity to the train station – which was a key appeal to Space GK director, Gary Kedgley.
He said: “Leamington is a thriving town which is growing both in terms of employment and the economy, and also home to a large population of young professionals – including one of the region’s biggest employers Jaguar Land Rover - placing it in an ideal geographic location.
“Taking this and Space GK’s philosophy (the creation of exceptional space) into account, we decided the opportunity that promised the most potential was to redevelop Park House into a series of unique apartments that would appeal to executives and professionals.
“Space GK operates under the philosophy that we only develop and convert houses that we would live in ourselves. Through this approach, we’re ensuring each apartment is unique and fitted to a high-specification - which we anticipate will be popular with our target market.”
After relocating to the region from Stamford, Lincolnshire, Gary said he had been impressed by the property market across Warwickshire.
He added: “Although Space GK has redeveloped property in the past, this will be one of the first properties we’ve refurbished in the area, and so far we have been really impressed by the opportunities available and popularity of the market.
“As I’m still relatively new to the area, Shortland Penn + Moore (SP+M) were a great help - working with me throughout the process to liaise with the NHS and help to facilitate the purchase.”
Park House is the fourth former NHS property across the area that SP+M has marketed and sold in recent months, resulting in a trend which James Compton, of SP+M, believes is due to the NHS policy of consolidating staff into its larger, higher-end properties.
James said: “This is the fourth former NHS property we have marketed recently, which we believe is a trend that will continue as it looks to release funds from the sale of smaller properties that are surplus to requirements.
“As this trend continues, we are delighted to be helping buyers purchase and redevelop properties across the region for a number of commercial and residential purposes - which can be a major boost for housing and economy in the area.
“Given the affluent and growing economy of Leamington Spa, it was no surprise that Park House was snapped up quickly. Opportunities for residential developments within the town centre are rare, so the property presented an exciting prospect.”
Pictured (left to right): James Compton, Jonathan Moore (both Shortland Penn + Moore) with Gary Kedgley (Space GK)