BUSINESS people and other investors are being invited to share in a multi-million pound bonanza which could be generated by York's new City Centre Living initiative.

They will be told at a seminar at the new City Screen cinema in York on Thursday how they can benefit from the plan to convert redundant or under-used space above shops in the heart of York as a way of meeting high housing demand.

The gathering will mark the formal launch of the initiative following earlier in the day of a £164,000 scheme for five new flats in the historic Shambles area - the result of a link-up between City of York Council and Yorkshire Housing.

It is part of a council commitment to provide more affordable homes in the city centre by allocating £800,000 this year alone - and part of the council's wider affordable homes drive which aims to provide about 300 new mixed-tenure units across the city every year. That commitment has secured £7 million this year from the Housing Corporation, some of which will go into the York City Centre Living initiative.

The City Screen event is aimed at business and other investors interested in what council housing development manager Paul Stamp describes as "turning dead space into excellent development opportunities."

Delegates from the annual Chartered Institute of Housing conference are expected to attend the cinema seminar along with landlords and other potential investors who will get advice on conversions.

Speakers will include Ashley Horsey, chief executive of the Government's Empty Homes Agency, Ian McAndrew, of international property agents DTZ Debenham Tie Leung, and Roland Harris, chief executive of York and North Yorkshire Chamber of Commerce.

Mr Stamp said there were few properties for affordable rent within the city centre, although eight flats in Micklegate and another five in Shambles had been provided by the council in partnership with local housing associations through the City Centre Living initiative.

But he said: "There is a high demand in York for affordable city centre living and it seems the demand will continue to grow as people opt to walk or cycle to work, be near major transport links or simply want to take best advantage of all the social life in the city centre.

"City Centre Living is a way of helping landlords optimise the space in their premises and this is a creative way in which we can all work in partnership to our mutual benefit."

City of York Council's own property management team, landlords of the Shambles shops, have taken advantage of the scheme to make fuller use of the available space as well as boosting the marketability of the shops' retail space.

John Reid, the council's senior property consultant, said: "It has provided us with several benefits in business terms."

Any landlords or business people wanting to attend the seminar on Thursday - which starts at 6pm - should contact council housing development managers Neil Terrett or Paul Stamp on 01904 554153.

Flats go to singles

SO what has been achieved in the conversion programme to ensure cheap homes in Shambles?

The five flats are being allocated by Yorkshire Housing to five single people.

The former Himsworth Jewellers shop at No. 28, above which are two of the flats, is being marketed by Property Services at a rent of about £14,500 per annum. An internal staircase leading to the flats has been moved outside, creating more retail space

The remaining three flats are above a coin and stamp dealers and a wool shop.

Yorkshire Housing has a 21-year lease on all the upper floors. Each has a living room with kitchen area, double bedrooms and a bathroom and includes central heating, carpets, built-in hob and a space for the tenant's fridge and washing machine. Rents average between £54 and £56 per week, including service charge.