Dudley’s Falcon House has been bought by a developer who has set his sights on creating more than 140 flats as part of a £14 million regeneration scheme.

Arran Bailey, owner of ALB Black Country Properties, bought the outdated eight-storey office block at auction and has revealed plans to convert the 88,000 sq ft building in to 65 one-bedroom and 76 two-bedroom apartments.

Falcon House was set to be demolished to make way for a supermarket complex which would have included a café and petrol station, but plans were scrapped by Commercial Estates Group, paving the way for ALB Investments to step in and regenerate the building.

Bailey said: “The local area has been in need of new housing developments and we are excited to play a big part in the area’s regeneration.

“The project will be a great opportunity to bring more footfall to the town by attracting young professionals. This will help to boost the local economy and will improve the area’s image by updating outdated buildings.”

Headoffice3 has designed the development of Falcon House and will be managing the works to complete in 2017.

Glen Harding, chief executive of headoffice3, said: “We believe this project will genuinely improve the local demographics and breathe new life into a tired block in urgent need of renovation.

“The external façade alterations will create a new, vibrant and exciting feel to the building.”