In a deal worth over £1 million, Weslo Housing Management has taken over ownership of the former Art School in Park Street, Falkirk known as Silk House.

The building was bought over for private let in the mid nineties and transformed into seventeen one and two bedroom flats.

Acquired by Weslo for mid-market rent, the building will undergo major renovation works, both internally and externally. A £0.5m development programme will see existing tenants benefit from new kitchens, bathrooms, décor, floor coverings and increased energy performance.

Mr Graham, an existing tenant, said: “I’ve been living in the flats at Silk House for seven years now and the takeover by Weslo has given me a real sense of security. The flats have become quite run down in the last five years or so and knowing that the building is going to be completely overhauled is great. I was initially quite apprehensive about the sale of the flats but I’m really excited now.”

The acquisition, which was aided by grant funding from the Scottish Government and supported by Falkirk Council, will be managed by Weslo Housing Management’s private sector subsidiary Weslo Property Management which provides private rented accommodation for tenants in West Lothian and Falkirk. The company also provides letting agency services and factoring for landlords and property owners.

Ashley Millan, head of private rented services for Weslo Housing Management, said: “We are delighted with the acquisition of Silk House. We have been in talks with the former owner for some time now and to see the deal come to fruition is extremely satisfying. The building was bought with sitting tenants who will benefit enormously from the proposed upgrade works. We’re pleased to be able to play our part in increasing the quality of private rented sector accommodation in the Falkirk area.”