Warwick District Council has recently completed the purchase of a centrally located building in Royal Leamington Spa for affordable housing, at social rent levels.
Located within the upper floors of the Kwik Fit building at 1 Warwick Street, the conversion will see the empty space brought back into use in a highly sustainable town centre location.
Research shows the biggest affordable housing need in the district is for one-bedroom accommodation and the intention is to convert the upper levels to Council-owned flats at social rent levels, predominantly for single people and couples. Social rent levels are the cheapest level of affordable housing and are the model many people remember for traditional social rented homes.
In light of the Council’s recent declaration of a climate emergency, specifications for the conversion work will include sustainability measures.
The Kwik Fit business, which operates from the ground floor of the building will be unaffected by the purchase and will continue to trade as normal, with no disruptions.
The £2.5 million sale was arranged by Leamington-based commercial agents Wareing & Co, who acted for a private investor, based in Birmingham, who had owned the property for 12 years.
Bill Wareing from Wareing & Co said:
“The upper floors of the building were occupied by research company Market Location, but they vacated more than a decade ago so it is good news for the town that they will be converted through this purchase by the local authority, and the building will be back in full use.”
Warwick District Council’s portfolio holder for Housing Services, Cllr Jan Matecki commented;
“This new purchase builds on the work we have already begun to increase the Council’s housing stock to include more affordable housing. By utilising a building where the upper floors have remained empty for five years, we’re able to bring a redundant space back into use whilst meeting the high demand for one-bedroom properties. With its central location, close to Leamington town centre and excellent amenities, we hope the development will appeal to single people and couples keen to stay in, or move into the area.”