The former clock tower in Long Eaton will be turned into five retail units, and 28 apartments in an attempt to bring increased business to the area and boost the local economy.
Nottingham based HBW Investments 2 Ltd, was granted planning two years ago and work has now begun on the regeneration project.
The £2.4 million development of The New Central Buildings on the junction of Main Street and Station Road are expected to be completed at the end of summer.
The once grand clock tower, which has been a local landmark for many years, fell into disrepair over the past seven years with pigeon infestations and a leaking roof. Now, HBW Investments 2 Ltd has plans to turn it into 28 apartments, consisting of 21 one-bed, four two-bed apartments and three studios as well as the five retail units.
Managing Director at HBW Investments 2 Ltd, Harry Whyte, said: “It is fantastic news for the local community that work has begun on the development. I viewed the building some time ago, and saw the instant opportunity for a high quality investment to bring increased business to the area.
“We always look to undertake regeneration projects that not only benefit ourselves but also help to improve a local community. With the retail units and additional apartments, I believe this project will bring extra footfall to the area and therefore help to boost the economy.”
The buildings were named the New Central Buildings because they replaced the Old Central Store that had occupied the site since 1877, with the clock tower added in 1927 but following the previous owner entering administration; the buildings have been unoccupied since 2008.
HBW Investments 2 Ltd has designed the apartments to be aimed at young professionals and to promote modern living but will remain in keeping with the building’s original features such as the original brickwork and beams.
The first phase of apartments will be ready to purchase or rent by the end of August and Nottingham based LAN Lettings will be the agency that is renting them out.
Mr Whyte added: “This is a very exciting project that will offer fantastic opportunities for the people of Long Eaton and we really believe that this is going to be a successful project for everyone involved.”
