Pictured: Mark Robinson from Barclays (centre) with Property
Developer Gurdial Rai (right) and Dr. Isher Rai
A Midlands property developer is turning the clock back in time
with the conversion of an office building back to its former glory
as four residential homes.
The site, at Dale Road in Matlock, was originally two three
storey homes built around the 1920's. During the 80's these homes
were converted into offices but have remained unoccupied since
2002.
A frequent visitor to the Derbyshire Dales, current owner
Gurdial Rai, spotted the building whilst out walking with his
family. He immediately saw its potential given its fantastic
setting overlooking the River Derwent and completed on the sale in
February 2011.
Working with the local planning office, Gurdial Rai intends to
reinstate the period features of the property including sash
windows and introduce a number of environmentally-friendly
improvements. In addition, Gurdial is building a further three
terraced homes and two semi detached homes to the left of the
site.
Commenting on the development, Gurdial Rai, said: "My family and
I have been coming to the Derbyshire Dales for over thirty years
for walking and cycling holidays. When I saw the property for sale,
I knew it would benefit from being restored to its original
condition. Its location on the outskirts of the town makes if very
appealing and I hope to make the new housing affordable to the
local community."
Funding for the £2 million development was provided by
Barclays Business. Relationship Director Mark Robinson said:
"Barclays Business is delighted to support this regeneration
project. The business has a strong management team who have a
proven track record in the small number of projects they have been
involved with to date and I look forward to watching the future
growth of the business."
Gurdial Rai is relatively new to the property sector and has
been involved in five other major projects. A management consultant
by profession, Gurdial works with his son Dr Isher Rai in the
business and is supported by Midlands' architects Integrated
Designs.