A former Fylde coast tax office has been given a ground-breaking new lease of life with a seven-figure transformation.
The former Petros House in St Andrew's Road North, St Annes has been converted into Tustin Heights, a residential block offering 36 stylish apartments complete with a gym and parking.
Owners Tustin Developments, a property development and investment company based in Preston, label the town centre site close to Ashton Gardens a 'luxury build-to-rent development' which they believe is the first of its kind the first in Lancashire.
Build to Rent refers to the emerging sub-market in private rented residential stock in the UK being encouraged by the Government to help with the housing crisis.
Such developments are designed specifically for renting rather than for sale, typically owned by institutional investors/companies and managed with a high service-led culture by specialist operators.
Easthams & Co Residential Lettings along with sister company Hive Block Management have been brought in to manage and promote sales and Easthams say there has already been brisk interest..
Richard Hargreaves of Tustin Developments said: “When the formerly named Petros House was brought to our attention, we could see the potential in the building given its prominent location close to the centre of St Annes and the town`s numerous facilities and railway station.
"We had researched the market and identified a need for better quality rented apartments in the Lytham St Annes and south Fylde locality.
"It is pleasing that we have dealt with a rather unattractive and dated building to provide quality further housing for the area without building on green field sites.
"Our aim has always been to provide a building that will enhance the locality in the long term, and we would like to think we have done so having invested several million pounds in the project”
“Many of the apartments have the benefit of sizeable balconies and en suite bathrooms and the vast majority of apartments are larger in size than the norm with high end fixtures and fittings.
"Our research also indicated an increasing demand in modern urban living for on-site gym facilities for residents, and this is being provided, probably for the first time in south Fylde.
"We are very hopeful that there will be a significant demand for what we have provided from a wide demographic range.”
Tustin Developments aren't putting an exact value on the development which has taken more than 12 months to complete, but conversion costs alone have been estimated to total around £1.5m.
Petros House was most recently home to energy accounts firm Inenco, which took it over as its headquarters in 2010 after the Inland Revenue moved out.
Inenco has since moved to Ribble House at Lytham.