Westlegate building sold for co-living flat development
- Credit: Estateducation/JaeVee
A "lifestyle not yet experienced before in Norwich" is set to come to the city centre with the redevelopment of a prominent site.
The Boar's Head and the Westlegate buildings have been bought by developer Estateducation in a joint venture with its spin-off crowdfunding property development platform, JaeVee.
The buildings were formerly the location of 15th century pub the Boar's Head, which was bombed in 1942 before being rebuilt as the city's first music hall, Barbarella's.
Now the location will go through another revamp with the now three storey building - excluding the retail units on the ground floor - being converted from office to co-living spaces.
The flats will occupy the building which runs down Westlegate, up St Stephen's and into Surrey Street.
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Planning permission is yet to be submitted, but should they be approved, work is planned to start and complete within 18 months.
Estateducation has already completed similar projects in Norwich such as The District, where professionals can rent a furnished bedroom with a shared living and kitchen space.
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The rooms also come with access to a cinema room and a gym.
Ben James Smith, chief investor at Estateducation and co-founder of JaeVee, said: "We're delighted to complete the acquisition of this site in Norwich undeniably one of the best real estate assets in the city.
"We’re excited to see JaeVee’s presence in the city of Norwich continue to grow as we expand on our local portfolio. Norwich is a city that’s progressively growing so we’ve earmarked this area as a key place to invest.
"We thank both our debt lender and investor partners in supporting this property development joint venture.”
The units will be designed by Norwich-based business CAM Architects with work completed by Devise Construction.
JaeVee - which is part of Estateducation Ventures - claims to offer a "unique concept" whereby any investor can pitch in for the redevelopment of buildings across the UK, including current projects such as Burlington Place in Sheringham.