APARTMENTS PLANNED FOR PROMINENT WAKEFIELD BUILDING
25 March 2021
A prominent building in Wakefield is set to be converted into apartments following its acquisition.
Developer IP Marygate House Ltd, a joint venture between Priestley Homes and DI Properties, purchased Marygate House for £650,000, with funding provided by Together Finance.
The building benefits from permitted development rights to convert the upper floors of the four-storey building into residential units.
A planning application was submitted to Wakefield Council in March 2021 for the construction of an additional storey to maximise the site's development potential.
The 36 apartments created through the £3m refurbishment will be retained solely for private rent, managed jointly by the Priestley Group and DI Properties.
The existing ground-floor retail spaces will remain, and the developer is designing a new street scene, including upgraded shop fronts and canopies to improve kerb appeal.
Nathan Priestley, chief executive at Priestley Homes, said: "As a Yorkshire-based business, we continue to see the huge potential in our smaller towns and cities, such as Wakefield.
"Wakefield is a city on the rise, driven by a council that is committed to bringing its ambitious regeneration plans to life. You only have to look at the scale of redevelopment in the Civic Quarter and the transformation of Rutland Mills into Tileyard North, an exciting, new creative hub on the waterfront.
"The confidence in the city is peaking. We are thrilled the council approached us to give Marygate House the jolt it desperately needs. We are known for delivering these kinds of quality residential developments; this will help drive interest in urban living in the area, boost the local economy and support many of the city’s businesses for years to come."
A decision on the planning application is expected in the third quarter of 2021. Priestley Construction will then begin work on a 12-month build programme in Q4 2021.