A property company wants to invest £5 million to transform a dilapidated former wool warehouse in the heart of Bradford into a set of luxury private apartments.

Asquith Properties has put in a £1 million offer to buy fire-damaged Broadgate House in Manor Row from Leeds and London Holdings and transform it into 80 homes.

Planning permission has already been granted for up to90 apartments in the building and Asquith Properties has received permission to demolish part of the building which is unsafe following the fire.

The Pontefract company applied for the demolition work to be carried out on the grade II Victorian building after a survey was carried out by civil and structural engineering company Nicholls & Baxter.

Most of the six floors in the city centre building have been empty for more than a decade.

The renovation will also see the building house a row of Victorian-style ground floor shops and restaurant facilities.

Andrew Mason, managing director of Asquith Properties, today said the development would help rejuvenate the city.

"We see it as a catalyst for the regeneration of the buildings and area of Manor Row."

Mr Mason said that each apartment would have a balcony and good views of the city and surrounding area.

"This is really a £5 million investment with all the work that will go into the development," he said. "We want to put a new roof on the building and transform it."

The nightclub JBs, in the basement of the building, will continue to operate with Asquith Properties acting as landlord.

Also included in the project are plans for an off-site multi-storey car park in Salem Street, which would be available to all tenants. The flats are expected to cost from £75,000 to £200,000.

John Pennington, president of the Bradford Chamber of Commerce and Industry, today welcomed the plans to convert the mill.

"The building has been an eyesore for far too long," said Mr Pennington.

"The view of the building from Bradford Forster Square station is disgraceful and doesn't give any visitors a positive view of the city. I am sure the proposed development will help that side of the city improve its outlook."The deal with Leeds London Holdings, which has owned the building since 1989, is expected to be completed next week.