Private clients of Pritchard Stockbrokers have acquired the former International Hotel, in Leicester’s Cultural Quarter and plan to transform it into a multi-million-pound mixed-use scheme.
Plans include a major revamp of the skyscraper located on Humberstone Gate East, from a disused hotel into a landmark £14m development of ground floor retail, with student and family apartments, cafes, bars, restaurants and a gym.
A detailed planning proposal will be submitted to Leicester City Council early this year.
Prospect Leicestershire, the economic development company for the city and county, has been working with Bournemouth-based Pritchard Stockbrokers on the plans in recent months.
David Hughes, chief executive of Prospect Leicestershire, said: “Prospect Leicestershire has been focusing a lot of effort with partners in the Cultural Quarter to lift investment confidence and assemble deals between property owners, developers and potential end users. This acquisition is a pioneering move by a far sighted developer that has realised the potential of the Cultural Quarter.”
Christopher Downing, a development manager at Pritchard Stockbrokers, said: “We felt the time was right to redevelop the site and invest in Leicester. The building has had a troubled history in recent years when the previous owners ran it as a hostel, but our vision is to help it reclaim its place as one of Leicester’s most important buildings.”
Plans include providing a speciality retail offering to the building. Downing added: “We have the footprint to offer something different, something more in keeping with independent retailers and the Cultural Quarter.”
The building will receive a major facelift including re-vitalising and re-lighting its imposing tower, which can be seen from many points in Leicester and beyond.
Improving the tower is expected to enhance this entrance to the Cultural Quarter and re-invigorate the Humberstone Gate area, once a main commercial and retail area of the city that has lagged behind in recent years.
lisa.pilkington@estatesgazette.com
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