15 June 2015
Telereal Trillium has sold Telephone House, Colchester, Essex, to local property developer Brooksplace Ltd for £2.05m.
The former BT property was put on the market in January 2015 by way of informal tender.
In August 2014, Telereal Trillium achieved a change of use for the five-storey building, comprising 31,300 sq ft (2,908 sq m) of net internal space and total site area extending to 0.69 acres (0.28 hectares).
Brooksplace Ltd intend to convert the building into 36 flats as per the permitted development rights scheme. The proposed conversion is for a variation of one and two bedroom apartments, with 45 allocated parking spaces.
Commenting on the sale, Graham Edwards, CEO at Telereal Trillium said: “Following the change of use secured mid last year, we’re pleased that the opportunity to convert this vacant office building to residential use has been adopted. The conversion will directly contribute to housing supply locally, while also bringing the building back into good use.”
Richard Hatter of Brooksplace Ltd said: “We are confident that this will be another successful residential scheme, delivered in the heart of this prosperous and historical town, within an attractive setting just off the main High Street.”
The property is located in central Colchester, a historic town in the county of Essex. The population of Colchester is approximately 122,000 (2011 census), and has been named as one of Britain’s fastest growing towns. The site is located adjacent to Colchester Town Centre in the Dutch Quarter which contains a mixture of residential and office uses.
Savills represented Telereal Trillium on the sale and Strutt and Parker acted for Brooksplace.