PROPERTY investor The Helmsley Group has put together the Dixon's Yard Venture to transform a derelict city centre site in York into 50 riverside apartments.

Helmsley has teamed up with Hull-based housing developer Wright Homes to build the £10 million residential scheme in Walmgate - a brownfield site within the city walls of York and on the banks of the River Foss.

Already work demolishing the derelict building which once housed Unidare cutting and welding is nearly complete, and building should start shortly after Christmas. It is scheduled for completion in the spring or summer of 2006.

The development will comprise four apartment blocks, including 12 affordable dwellings, ten apartments of 700sq ft, and 28 larger apartments, including four riverfront penthouses, providing 1,800sq ft of living space, selling for between £450,000 and £500,000.

Located next door to the Evening Press building and within walking distance of the city shops and tourist attractions, the apartments will enjoy views of the city's varied roofscape.

Architect Crease Strickland Parklands, of York, has designed the project with a private a cul-de-sac and under-croft parking.

Yesterday, members of the York Archaeological Trust arrived on the site, which is rumoured to have housed a Victorian iron foundry.

They hope to find pieces of railings and gates destined for prestigious buildings of the period.

Helmsley's Ian McAndrew said: "We aim to deliver stunning flats with a range of attractive features. We believe that demand for the apartments will be high with many selling off plan. We are also looking at introducing additional affordable house boats along the Foss to complement the scheme."

Julie Langlands, housing development director at Wright Homes, said: "What appeals to me about this particular project is the location. At Wright Homes we are committed to providing something different and some way from the more usual volume ideas."

Updated: 11:17 Thursday, November 04, 2004