A multi-million-pound residential development at the site of a former Co-op building in Ilkeston has sold out within weeks of going on the market.
Located on the junctions of South Street, Wharncliffe Road and Market Place, the ‘Southside’ development has attracted a “high-level of interest” from both owner-occupiers and buy-to-let investors, reports joint venture partners Prosperity Developments and ALB.
Joe Billingham, chairman and CEO at Prosperity Developments, said: “We are really pleased to have sold all available units and to hear that our investors secured tenants so quickly. Southside was a highly sought after development in the heart of Ilkeston town centre, with all of the apartments purchased entirely off-plan. It’s pleasing to note that this demand has followed through into the rentals, reflecting the demand for housing in the area.
“Southside is one of several high-quality, successful schemes we have delivered in partnership with ALB. We have carefully developed a reputation for bringing profitable pre-built and off-plan property investments to market for more than ten years, with an emphasis on key locations where yield and rental demand is high. We don’t just focus on building apartments; we strive to breathe new life into empty spaces and create new communities in the process.”
All 69 of the one and two-bedroom apartments were acquired off-plan, with tenants already secured for all rental units.
The three-story building became vacant in 2013 when the Midlands Co-operative Society announced its intention to shut nine of its department stores, including in Ilkeston and Derby, citing significant losses in the face of online shopping.
The building was acquired by the property investment company, ALB, in 2015 and converted into residential space under the government’s Permitted Development Rights scheme after Erewash Borough Council gave the go-ahead to convert the upper floors into new homes.
Due to the unique layout of the building, the bedrooms at the Southside apartments cannot have traditional windows, as such the developers had to make use of mirror-lined shafts to flood natural light into the room.
All apartments at Southside were sold or let by Midlands-based estate agency Lamont & Co Estates. Commenting on the development, Lane Giani of Lamont & Co Estates said: “Southside is an excellent example of high-quality conversion in a location with high rental demand. Ilkeston is located just 10 miles east of Derby and 8 miles west of Nottingham making it an ideal location for commuters who can capitalise on the lower rental costs available.”