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Published on: Deals

There Once was an Ugly Duckling…….

There once was an ugly duckling – the whole of the St George’s area in Leicester now known as the “Cultural Quarter”.

Intali was formed fifteen years ago to bring forward regeneration projects. As this then neglected area was right on our doorstep, it was the focus of our attention. We have been involved in the acquisition and development of The Exchange Buildings, Courtaulds (now Queen Street apartments), Rutland House, Alexandra House, the Foister, Zenith, Cherub and Squirrell buildings.

Most of these buildings have been undertaken by a single developer – Park Portfolio. Their developments are fantastically restored buildings converted from their previous obsolete industrial uses into vibrant and completely unique apartments schemes. The ground floor commercial uses have brought new business and new life to what is becoming an amazing jewel in Leicester’s crown.

There is no doubt that the Curve is the magnet here, ably assisted by Athena. But like all good developers, Park Portfolio were there well before both – taking real risks with their own money on their belief in the future of the area.

And now the latest scheme is complete. Directly opposite the Curve sat the sadly neglected ugliest of ducklings. Shahista House. It was an office, snooker club, pool club and some sort of indoor play area – those who know will know!

We have tried for 15 years to buy this building but the vendor would not agree to sell at a price that would make the scheme viable. We wondered at one point how much you can make from swingers but no one in the office was prepared to do the research.

Eventually and, with the considerable help of the City Council, a deal was struck just over a year ago. The restoration of this beautiful building into 14 apartments and what will be an amazing bar/restaurant is now complete. And the apartments are selling well.

Congratulations to Park Portfolio for their skill in transforming this wonderful building.

We are so happy to have been involved in this swan!

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