In its latest project, Birmingham-based Prosperity Developments has been given the green light to transform a huge retail unit in Birkenhead town centre into 59 new apartments.
The property developer and investor has received planning permission to regenerate the building on Grange Road. It was previously home to a branch of JD Sports and is currently occupied by Barclays, New Look and TK Maxx.
The development, which will see the conversion of vacant office space on the second and third floors of the building into one and two-bed apartments, has an expected completion date of the end of 2021.
Prosperity’s joint venture partner ALB will start work on the office-to-residential project early next year.
Prosperity worked with Gape Equity - part of Nottingham-based ALB Investments – to purchase the 117,000 sq ft site from Columbia Threadneedle in May 2019, for a reported sum of £1.5 million.
“We’re delighted to have received planning permission for what is an exciting residential project in the heart of Birkenhead,” Joe Billingham, founder and chief executive of Prosperity Developments, said.
“The area is set for £1 billion worth of investment, which promises to attract employers and create new jobs. This development will provide much-needed homes for local owner-occupiers, as well as offering an opportunity for buy-to-let investors keen to be part of Birkenhead’s transformation.”
He added: “As a business 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’re looking forward to starting work on this high-spec project early next year.”
Birkenhead, a town situated in the north eastern part of the Wirral, sits very close to Liverpool, one of the North’s largest cities, and has a number of local landmarks and attractions.
This includes Birkenhead Park – the world's first public park, designed by Joseph Paxton, which is said to have influenced the design of New York’s Central Park – and Hamilton Square, designed by renowned Scottish architect James Gillespie Graham.
Originally starting construction in 1825, and taking 22 years to complete, Hamilton Square is today home to the most Grade I listed buildings outside of London.
We have previously covered the work of Prosperity in Digbeth and Ilkeston, where it has carried out other regeneration schemes. We also looked at the key role property investors are playing in regenerating UK high streets, joining together with developers to refurbish prime high street shops abandoned by local businesses.
However, despite growing retail vacancy rates, shop conversions to residential property remain stubbornly low.