Inspired Asset Management, the parent company of Inspired Homes, and Equinox Living have completed the purchase of Maxet House in Luton.

The former office building on Liverpool Road in Luton will be converted into 59 micro-apartments under Permitted Development Rights with a planning application being submitted to provide a further seven larger new-build homes on top of the existing building.

The development, which has a GDV in excess of GBP13 million, is in a premier location on a quiet street near Luton’s town centre triangle just six minutes’ walk from Luton train station.

The apartments will feature a high specification including engineered hardwood flooring; Arta Cucine Italian soft-close kitchen units with quartz worktops and integrated Bosch appliances; designer bathrooms with porcelain floor and wall tiles; and 1GB Hyperoptic broadband, the UK’s fastest.

A total of GBP1.5 billion in urban regeneration is planned with a comprehensive progamme for new commercial, leisure and housing opportunities. Current plans include a new Hat District, transforming old hat factories into inspiring workspaces for creative and digital industries; a new civic, leisure and creative hub at St George’s Square; and a GBP200 million redevelopment of Luton Airport Parkway station that will connect the airport terminal to London.

Martin Skinner, CEO of Inspired Asset Management and Inspired Homes, says: “Luton is now a property hotspot that ticks a lot of boxes for both first-time buyers and buy to let investors with its fast rail links to central London, exciting regeneration plans, and strong rental demand.”

Commenting, Darius Ziatabari, Director and Co-Founder of Equinox Living, says: “Our specification will be one of the best in Luton and priced competitively. The development sits on a quiet road a short walk from the train station and St George’s Square, Luton’s central plaza where you have the Mall, Galaxy cinema complex and a vibrant street market. Luton is on the up and has become an exciting place for young people to buy their first home.”

Prices start from around GBP160,000 and will benefit from Help to Buy available eight months prior to practical completion. There will also be no Stamp Duty to pay for first-time buyers.