PAI members Vickery Holman have reported the sale of office premises in Plymouth to be converted for residential use.
Foliot House, Budshead Road at Crownhill is a 12,500 sq ft office building on a business park in a residential area. It was previously let to The Skills Funding Agency, and once they vacated it was placed on the market to let or for sale. The asking price was £1,175,000. The property was sold to a local developer who plans to use permitted development rights to convert the building into flats.
Developers are still very active in Plymouth and are looking for different angles to provide residential accommodation when the standard brownfield / greenfield sites aren’t available. It was purchased by a local developer to provide housing for local people. It stands out because it is the first building on an otherwise office business park to be sold for residential use, so it provides a gateway for either mixed use areas or all of the office space here gradually turning to residential.
There is a lack of affordable flats for professionals working nearby, and so this conversion will fill a gap in the market.