98 one and two-bedroom micro-apartments to include smart thermostats and 1GB broadband.
Inspired Asset Management and Equinox Living have completed the purchase of 8 Collingwood Road in Witham, Essex from NHS Property Services for £5.3 million.
The former NHS Strategic Health Authority offices, which have stood empty since October 2017, will be transformed into 98 one and two-bedroom micro-apartments under permitted development rights. Prior approval consent was granted in February.
The two organisations formed a joint venture at the start of the year to deliver the £18 million GDV scheme.
Martin Skinner, CEO of Inspired Asset Management and Inspired Homes, said: “Affordability is driving buyers further away from central London, but they are still after areas where they can commute to work in less than an hour. Witham is an affordable location for first-time buyers priced out of nearby Chelmsford and London with its superb rail links to both.”
Darius Ziatabari, Director and Co-Founder of Equinox Living, said: “There are lots of family houses in Witham but few new-build apartment blocks. Our proposals will help to meet local need for new, high quality homes both for renting as well as buying. With the lower price point and fast rail links, the development will appeal to buy to let investors looking to minimise stamp duty and benefit from comparatively high rental yields.”
Saul Spevack, Senior Transaction Manager for NHS Property Services, said: “Our remit is to secure maximum value for the property on behalf of the NHS, and as well as generating funds for reinvestment, this site could help meet the Government’s targets for releasing public sector land for much-needed new homes.”
The apartments will feature a best in class specification including engineered hardwood flooring; ultra-sleek gloss kitchen units with granite worktops and integrated Bosch appliances; Villeroy & Boch bathrooms with porcelain floor and wall tiles; and technology including smart thermostats by Nest and 1GB Hyperoptic broadband.