A landmark Leamington building including a popular restaurant has been sold to make way for accommodation aimed at young professionals.
Waterloo House and, with it, The Emperors Restaurant property on the corner of Bath Street and Abbott Street have been bought by Starstone Capital, a property investment company based in Milton Keynes, with an end-value expected to be in the region of £1.8 million.
The Michelin-listed restaurant will continue to trade from the location and is let on a 15-year lease from August 2014.
The remainder of the building is being converted into a residential house in multiple occupancy (HMO) for 17 residents having been bought with planning permission to carry out the redevelopment.
That work is expected to take around six months from September with the first residents expected to move in by early 2017.
Jonathan Moore, director of commercial property agents Shortland Penn + Moore (SP+M), helped conclude the deal after marketing the property.
He said: “This is a significant deal for this part of Leamington and the development will be of a very high quality, in line with the offering at The Emperors Restaurant that will continue to trade here and will remain as popular as ever.
“The significant changes will take place within Waterloo House which has previously been used as offices and a recording studio.”