Chester-based Blueoak Estates has acquired Concord House on Canal Street, and will start on site in August with an office-to-residential conversion.
The building, which was sold by Savills Manchester on behalf of a private investor, totals 22,000 sq ft across four floors. The proposed scheme will feature 32 one, two and three bedroom apartments.
The office is currently occupied by Superlarge, trading as Inspiring Travel Company. The lease is due to expire in August, when building work will begin.
Ned Brooks, associate at Savills, said: “Due to the central location of the site and the limited number of opportunities on buildings with permitted development rights in the city, strong interest was generated by a number of parties. We achieved a figure in excess of the guide price which reflects the increasing demand for well-located buildings for office to residential conversion.
“Apartments are in high demand in Chester city centre, appealing to those looking to downsize as well as professionals who work in the city and want a convenient, central base. This conversion will no doubt give the building a new lease of life.”