Following a shortage in residential housing in Dudley, a young developer from Nottingham has bought Falcon House in a bid to create 141 flats, in what is set to be a £14m regeneration project.
Arran Bailey, 29, owner of ALB Black Country Properties Ltd, bought the outdated office block before auction and has gone in for permitted development, to convert the 88,000 sq ft, 8 floor building in to 65 one bedroom and 76 two bedroom apartments.
It was reported in 2013 that The Falcon House office block was to be demolished to make way for a supermarket complex, which would include a café and petrol station, but plans were scrapped by Commercial Estates Group, paving the way for ALB Investments to step in and regenerate the building.
Arran Bailey, 29-year-old managing director of ALB Black Country, said: “The local area has been in need of new housing developments, and we are excited to play a big part in the area’s regeneration.
“The project will be a great opportunity to bring more footfall to the town by attracting young professionals. This will help to boost the local economy and will improve the area’s image by updating outdated buildings.”
Falcon House, based in The Minories, is an eight-story office block that dates back to the 1960’s, and was earmarked as a target for redevelopment by the local Council a few years ago.
These latest developments have been well received by the local community who are keen to see the dated building be given a new lease of life.
The young entrepreneur owns a vast portfolio of regeneration projects and aims to bring new life to outdated buildings to encourage young professionals to areas and boost the local economies across the UK.
Headoffice3 has designed the development and will be managing the works to complete in 2017.
Glen Harding, CEO of headoffice3, is very pleased to have won this flagship project in Dudley, he said: “We believe this project will genuinely improve the local demographics and breathe new life into a tired block in urgent need of renovation. The external façade alterations will create a new, vibrant and exciting feel to the building”.
Income through property specialist Prosperity has acquired the site as part of its £100 million buy-to-let investment portfolio. Delivering to a global client-base, the UK based firm offer discounted UK property as a long-term investment opportunity.
Arran added: “This is a fantastic project for us and we have received a lot of positive feedback already following the plans. We are very much looking forward to the start of the project so people can start to see the benefit of the regeneration.”