APARTMENTS could be created at the former head office premises of the Gloucestershire Echo and its parent group Gloucestershire Media in Cheltenham after the landmark building was sold.
The newspaper group relocated from the premises in Clarence Parade in 2010 to purpose-designed offices in St James' House, St James' Square.
Prestbury businessman Terry Croft has now bought 1-6 Clarence Parade – which was on the market for £2 million – for an undisclosed sum.
The building was originally six townhouses dating back to 1833. The former Cheltenham Newspaper Company acquired the "cottages" one by one as part of a major development in the mid-1990s, which saw the restoration of the front of the Regency buildings.
Mr Croft decided to buy the building because he did not want to see one of the most visible parades in the heart of the town fall into disrepair.
He believed the best future for the building would be as apartments with possibly a restaurant and bar as well.
Mr Croft said: "I thought it was a shame one of the most visible parades was so neglected. As somebody who lives in Cheltenham, rather than simply complain about it, I thought that I would get on and do something about it.
"My plan is to bring the building back into use. The frontage onto Clarence Parade, which is grade-two listed, will be restored and upgraded which will smarten up this central part of town.
"The building is no longer suitable as commercial/office so I have had discussions with planners regarding converting the building back to residential with some additional mixed use on the site."
Mr Croft said he believed this would help bring people back to living and working in the centre of town.
"This will not only significantly approve the appearance but also enhance the vibrancy of this part of the town centre and pump some much-needed investment back into the town's economy and local businesses alike," he said.
He envisaged that some of the apartments would be more modestly priced, appealing especially to young people.
"I am really excited to be involved in the project.
"I'm also very proud to be able to make a positive difference to the town in which I live," said Mr Croft.
