Shoosmiths advises on Â£13m office conversion

Shoosmiths base is in Bruntwood's Platform building, next to the railway station in the heart of Leeds.

The deal concerns the 72,975 sq ft office space, Aspect in Bracknell, which is now being lined up for a high quality residential scheme with up to 121 units with possible expansion to provide 146 units.

It is the latest real estate deal of this kind advised on by Shoosmiths in Leeds after the acquisition of a £10m GDV office to residential scheme, Q3 Residences, Hayes in late 2016.

Shoosmiths’ Leeds-based real estate partner, Richard Outhwaite, said: “Aspect is a substantial office park in a key Thames Valley location and this deal will bring much-needed high quality new homes to Bracknell.

“We are seeing a growing market for office to residential conversions across the country as the demand for housing continues and people’s working habits are changing, meaning many office buildings are under occupied and no longer in use.

“Our expertise in the Shoosmiths real estate team in Leeds and Manchester means we are well-placed to handle this kind of development transaction.”

Giles Danon, acquisitions director at Select Developments said: “We are delighted to have acquired this premium office asset in a town that has seen a dramatic reversal of fortunes with the recent opening of the Lexicon shopping centre.”