Newby Acquires Landmark York City Centre Office from Steamrock Capital for Residential Conversion
Newby has completed the acquisition of an empty office building in York city centre with plans to convert into 77 luxury apartments. The announcement comes as the local council comes under increasing pressure from the Government to allocate more housing into the Local Plan.
Ryedale House has lain empty for many years after it was vacated by the North Yorkshire Health Authority. The seven-story building already has permitted development for residential conversion and sits within the Castle Gateway regeneration area.
Newby co-founder Nick Moody said, “We are delighted to purchase Ryedale House which is a landmark building that needs to be revitalised and is ideal for residential conversion. Not only does it help to fulfil the current deficit of housing in York city centre but it also offers an extremely attractive location, right on the banks of the River Foss with spectacular views of York Minister.”
Matthew Jones, development director at Savills Leeds said: “We acted for Steamrock Capital on the disposal of Ryedale House and following a competitive marketing process, Newby were selected as the purchasers and concluded the transaction within a short timescale, which is a positive result all round. The conversion and re-development of Ryedale House to high quality apartments is fantastic news for York and will play a big part in the evolution of the Castlegate/Piccadilly area.”
Dan Neary, Director of Steamrock Capital added: “We are pleased that Newby will take on the mantle of this building and bring the plans to fruition. We still have significant property interests in this area and are looking forward to seeing the improvement and regeneration of this part of York.”
Newby was set up in 2008 by the former directors of award winning city living pioneer City Lofts. The group is known for its experience, credentials and successes in transforming redundant heritage buildings into prime residential space.
In 2016 Newby completed the transformation of vacant office space at Windsor Court, Harrogate into 27 luxury apartments and in 2015 it converted a former coaching Inn at 32 Devonshire Place, Harrogate into 12 stunning apartments and a mews house overlooking The Stray.
Newby is no stranger to York having purchased Cocoa Works, the former Nestle factory on Haxby Road earlier this year for residential conversion. In 2016 Newby also successfully converted Castle Chambers a redundant office in the centre of York into contemporary apartments.
Newby are currently developing out two further schemes in the North Yorkshire area; Springfield Court, Harrogate an office conversion into 35 residential apartments situated in the heart of the town centre and Glasshouses Mill, Glasshouses a listed mill conversion which will create 9 river side apartments and 23 houses located in the idyllic Nidderdale Valley.
Newby hopes to start works in early 2018.