One of the largest properties owned by Derby City Council looks set to be turned into apartments after a deal was struck for the building.
Middleton House, in St Mary’s Gate, is to be converted into luxury flats after a firm called City and Country Property Management secured a deal with the authority for the Grade 2-listed property.
At this stage, the exact cost of the deal has not been disclosed – but both parties have exchanged contracts and today, Adam Cavell, director of City and Country Property Management, was due to receive the keys from city council bosses.
Subject to obtaining the necessary planning permissions, which it hopes to get within the next 12 months, the company intends to convert the former council offices into a “flagship residential development”.
City and Country Property Management is a major developer specialising in residential schemes. It has a track record of converting historic buildings.
Mr Cavell said the building “is to be partnered with a modern, luxurious interior design” with as minimal disruption to the structure as possible.
Middleton House went on the market towards the end of last year. Advertised as suitable for conversion to “residential, educational, hotel or office use”, the 61,000 sq ft site attracted interest from 25 potential buyers.
In June, the council revealed that it was in the final stages of negotiating the sale of the building, which once housed its education and social services departments.
An independent valuer previously said the 1.43-acre site was probably worth about £750,000 – but several hundred thousand pounds would be needed to be spent on it to realise its full potential.
Earlier this year, an artist’s impression was produced by a University of Derby student to show the potential of Middleton House to developers
Councillor Martin Rawson, deputy leader of the city council said that the authority would not be revealing the purchase price at this time due to “commercially sensitive matters”, but said he was satisfied that the council had received the best price possible.
Mr Rawson, who is also cabinet member for regeneration, said: “I’m delighted to say that we’ve reached an agreement with City and Country Property Management.
“This developer has a strong reputation and commitment to sensitive redevelopment of these Grade 2-listed buildings and the proposed development will further increase city centre living capacity,”
Mr Cavell said his company was attracted to Derby because it is a rapidly developing city with potential to rival the larger cities within the East Midlands.
He said: “We are very excited as a company to have acquired Middleton House from Derby City Council.
“This site represents our first development in Derby, which we see as our flagship for further and continuous redevelopment and investment within Derby city centre.
“We see Derby as a rapidly developing city with potential to rival the larger cities within the East Midlands.
“Middleton House is located in a highly attractive area in St Mary’s Gate within the Cathedral Quarter.
Middleton House once housed the city council’s education and social services departments
“As a company, we have historically specialised in the redevelopment of listed buildings and take pride in restoring dilapidated buildings to their former glory.
“We see Middleton House as such a building and are looking forward to starting restoration works.
“Is it our aim to create high specification quality apartments aimed at the growing professional market within Derby.
“Our plans and design will work around the existing structure and architecture, with as minimal disruption to the listed building as possible.
“We will be retaining the existing features of note, if they are beyond the point of repair they will be replaced what would have been originally in situ where possible.
“The traditional external listed building will be partnered with a modern, luxurious interior design.”
Latest development plans across Derbyshire
The development of Middleton House is a key element of the Derby City Centre Masterplan, which aims to create 4,000 new homes, 1,900 new jobs and leverage £3.5 billion in new investment by 2030.
The council’s cabinet has previously agreed that receipts from the sale of key assets in the city – such as Middleton House – could be recycled into City Centre Masterplan priorities, with a new performance venue in the Market Place being the top priority.
The project, which will see the Assembly Rooms demolished, was boosted when council chiefs announced it would receive £8.6 million from the Government’s Local Growth Fund.
Source: Derby Telegraph