Friday, August 19, 2022

Multi-million pound deal to see former Victorian wool warehouse transformed into apartments

A former Victorian wool warehouse is set to become new apartments following a multi-million pound commercial property deal.

The building started life as a wool warehouse and has more recently been used as a pine manufacturer, then bricklaying workshop and training school, before falling vacant in recent years. Now, it has received planning permission to be converted into 39 residential units, featuring co-working spaces, yoga studio, electrical charging points and other amenities – including a courtyard.

Set to transform the characterful building on Victoria Street in Newark-on-Trent, Nottinghamshire, is JYD Holdings.

Jinny Yang, founder and Managing Director of JYD Holdings, said: “We are incredibly excited to have the opportunity to renovate this former unused warehouse into stylish, one-of-a-kind apartments, bringing this beautiful building back to life and rejuvenating its unique character.

“Aimed primarily at young professionals, this is our first project in Newark-on-Trent and we are thrilled with the designs that have been approved. A unique selling point is that the building will feature a communal co-working space and a yoga studio for the residents, giving them an area perfectly designed to suit the remote ways of working that many of us have adopted.”

Nelsons, which has offices in Nottingham, Derby and Leicester, acted on behalf of JYD Holdings, to finalise the acquisition of the Victorian building.

Paul Hinchliffe, commercial property partner and solicitor at Nelsons who worked on the deal, said: “After sitting vacant for several years, it will be great to see this unused warehouse receive a much-needed new lease of life. Jinny’s plans for the building will provide a truly unique offering for the area and it has been a pleasure working with her and JYD Holdings to bring this deal to fruition.

“I’d like to wish them all the best as they embark on this exciting conversion – we cannot wait to see the finished results.”

Jinny added: “Working with Nelsons has meant that the whole process has run incredibly smoothly and we cannot thank them enough for their support from start to finish. With work due to begin in August 2022 and completion set for December 2023, we look forward to being able to welcome our first residents to their new home.”

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