Wakefield’s Marygate House has been acquired for residential development, with plans to add a new storey to the building and create 36 high-specification apartments for rent.
The developers, IP Marygate House Ltd – a joint venture between Priestley Homes and DI Properties – purchased the site for £650k, with funding provided by Together Finance.
Marygate House 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 will be retained solely for private rent, managed jointly by the Priestley Group and DI Properties.
The £3 million refurbishment scheme will be a premier development in the city, helping to set a new standard of rented accommodation for local residents.
All apartments will be finished to the highest standard, with luxury furnishings in an open plan living and dining area, including large windows, spacious bathrooms and up to 1GB fibre broadband.
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 appeals and create a thriving mixed-use scheme in the heart of Wakefield city centre.
Located on Marygate in Wakefield’s main shopping district, the 1970s commercial block is close to the town’s historic Civic Quarter, which is subject to major regeneration plans back by the council. Westgate rail station is a five-mute walk away, for easy commuting into Leeds.
Nathan Priestley, chief executive officer of 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.”
Priestley Homes is a multi-award-winning developer renowned for high-quality refurbishment projects across the North of England and London, including Bradford’s Conditioning House – 153 luxury ‘New York-style’ apartments set in a meticulously restored Grade-II listed mill.
IP Marygate House Ltd secured funding from UK-wide specialist lender, Together, to help purchase the site.
A decision on the planning application is expected in Q3 2021. Priestley Construction will then begin work on a 12-month build programme in Q4 2021.
