Cheshire and Wirral developer Blueoak Estates secures planning consent to convert two 1970s former bank buildings into a residential complex comprising 176 homes for rent. Tony McDonough reports
Two former office buildings are to be converted into a residential complex comprising 176 homes after developer Blueoak Estates secured planning consent for the £38m scheme.
Banking giant Lloyds vacated the 60,000 sq ft Charterhall House and the 45,000 sq ft Tower House in 2019 and put them on the market in 2021. They sit on a four-acre plot of land in the Gateway Quarter of Chester city centre.
A first for Chester, this project will bring to market the city’s first ever build-to-rent development. All units will be fully furnished and will be available for first lettings in the first quarter of 2026.
Located between the city centre and Hoole the development is also close to Chester train station. Residents will have access to a gym, shared workspace area and cinema room, as well as secure onsite parking.
Iain MacLean, managing director of Blueoak, said: “We’re incredibly pleased to see planning granted and this scheme will mark our largest project to date.
“As a business whose roots lie in Chester, it’s wonderful to be able to continue to make a positive impact on the city, once again taking an unloved and abandoned building and breathing new life into it for a new generation.
This is also important to the local economy, marking the first build to rent development, creating a new investment proposition for those from within the city, and further beyond.
“Chester is currently enjoying a far-reaching city centre renaissance that’s seeing an influx of people choosing the conurbation as its home, and enjoying the many cultural, leisure and sporting highlights on the doorstep.”
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Under the 20-month build programme, the framework and integrity of both buildings will be retained in full rather than demolish and rebuild. All properties will achieve an EPC B minimum rating, with the addition of solar panels across the roof.
In October LBN reported that Blueoak, which has brought forward a number of schemes in Wirral, had achieved revenues for the year to December 31, 2023, of £29.3m, £1m higher than the previous year.
Pre-tax profits for the 12-month period were around £1.28m. This was lower than the £1.32m reported in 2022. Blueoak’s margins are impacted by site purchase costs for its future development pipeline.