New Chapter for Former Theological College
Banks Long & Co has sold Chad Varah House in Wordsworth Street to Dean Draper of Peach Estates, who has formed a joint venture company with fellow developers Philip Good and Colin Holden to transform this 18th century building.
“I have been trying to acquire this amazing property, which is probably the most important undeveloped building in the Uphill area of the city, since 2006. Previously it wasn’t for sale. It was part of the University of Lincoln and when its lease came to an end, the owners were trying to re-let it but finally decided to offer the freehold for sale.” said Dean.
“We immediately went after it with the idea of converting it into fourteen luxury residences. We have been working closely with the city’s Conservation and Planning Departments and also Historic England to achieve the optimum result for this beautiful building.”
Award-winning architect Jonathan Hendry, who has scooped regional and national accolades, and who has worked with Dean before, will be bringing his creative genius to the project.
“The two, three and four bed apartments and houses will range in size from 1,150 sq ft to 3,700 sq feet and the elevation facing Drury Lane will be dramatic and eye-catching,” All properties will have amazing views, gardens or terraces and ample parking said Dean.
Potential buyers, drawn by its location and the prospect of breath-taking views of Lincoln Castle walls, the Cathedral and cityscape, will need at least £350,000 to buy one of the apartments and more than £1 million, for the cream of the crop!
Dean – whose niece Daniella is the brains behind the “jewellery-to-the-stars” business Daniella Draper and has a shop in Lincoln High Street – has done many other high profile property conversions and built Museum Court, working with architect Jonathan Hendry.
Once they have completed their discussions with Conservation and Planning Departments, Dean, Philip and Colin are aiming to submit the planning application for the conversion of Chad Varah House.
If all goes well, they hope to start transforming the historic building in January 2017, with the aim of having the luxury apartments ready for their first occupants by December 2017.
Banks Long & Co has managed Chad Varah House for many years and acted on behalf of the Trustees of the Lincoln Theological Institute for the Study of Religion and Society, in selling the property.
Consultant Peter Banks said it is one of the most important blocks of property in Uphill Lincoln, but few people are even aware of its existence, despite the fact that it overlooks Steep Hill and Michaelgate.
“There is nearly 30,000 sq ft of buildings on an elevated site of about 1.7 acres, which date back to 1777 when they were first constructed as the County Hospital.
“In 1879 they were acquired for the establishment of the Lincoln Theological College. After this closed and the assets were transferred to the Trustees, the property was let to De Montfort University and, more recently, The University of Lincoln,” said Peter.
“The sale was supported by indicative schemes from John Roberts Architects, for the building’s conversion to residential or hotel use. Our Surveyor Harriet Hatcher said that, even on her first inspection, she was staggered by the potential offered by the property.”