Investors who snapped up apartments in a listed city centre building before work had even begun can expect profits a year later of about £20,000.

Most of the 75 luxury flats in the £8 million development in Colonial Buildings sold within eight days last February as city living took off in a big way. Buyers flooded in even though they could only see drawings and plans.

Now some of the investors plan to sell on as the scheme heads for completion. And apartments which were snapped up at about £70,000 are now expected to go for around £90,000.

The five penthouses and several apartments will go on the market at prices ranging up to about £175,000.

Today Liam Cunningham director of the development company, City Life Yorkshire, said the boom showed the growing demand by people for life a stone's throw away from shops, offices, leisure and entertainment.

He added the company was now negotiating to buy another former warehouse in the city - but would not reveal which one - to convert into about 150 apartments.

The Colonial Buildings, in Sunbridge Road, played a key part in Bradford's Victorian heyday as the world's wool capital.

The Grade Two listed building was constructed in the 1890s and was a working mill where the wool was sorted and distributed for production elsewhere.

The developers say they have painstakingly retained and restored its historic features and apartments and penthouses are up for sale.

Mr Cunningham said: "The market in the city centre is still buoyant and we are planning another development."

He said the first 48 apartments would be finished in April with others following shortly afterwards.

Councillor Simon Cooke, Bradford Council's executive member for the economy, said: "This excellent news with very good spin offs for the entire city.

"People living in the city centre bring a better balanced evening economy and help retail and regeneration. I'm delighted this scheme is going so well."

l A company wanting to build an 11 storey contemporary development on the prime site of former Shipley Paints in Leeds Road is also negotiating to buy another - unnamed - city centre building for housing.

Asquith Properties already has three new multi-million pound apartment developments in the city centre but managing director Russell Baker said today they had confidence in Bradford and wanted to be its biggest investor.