TRADERS in Woodford Green say plans to demolish a derelict building and replace it with new shops and luxury flats will bring a much needed boost to their business.

Developers have submitted proposals to knock down an old Inland Revenue office block in Charteris Road and replace it with a new four-storey building.

The ground floor of the development - opposite Woodford Underground Station - would be used for shops and office space, with nine one, two and three-bed flats above.

The existing property has stood empty since May 2006 and has turned into a local eyesore, after vandals covered it in graffiti and several of its windows were boarded up.

Solicitor John Burnett of Monkhams Lane believes the plan would bring extra trade into the area.

He said: “These plans look really in keeping with the area, which is important and they’re in a great location, right next to the station.

“We currently have an office in Wanstead, but if they aren’t charging extortionate prices we’ll have to take a look at possibly opening up a branch here too.

“It’s a bit sleepy around here during the middle of the day but hopefully this will attract more businesses and shoppers.”

These views were echoed by Mary O’Shea, owner of Broadway Music and Vision electrical store, which is opposite Charteris House.

She said: “Anything would be better than leaving it like it is at the moment. That’s an eyesore.”

Developers Havenridge (Britannia Ltd) says it has tried to design the buildings to resemble the Edwardian shop units in nearby Broadway - which lies within the Woodford Green Conservation area.

In its planning application the firm said: “We feel that this is a well considered building in a prominent position within the conservation area; one which is in proportion to its neighbours, respects its context and scale, and at the same time is a contemporary twist on traditional architecture which will serve to enhance the conservation area.”

Despite the optimism, some residents fear the proposals - which will only provide and extra six parking spaces for residents - could increase congestion in neighbouring roads.

Alan Whitton of King’s Avenue, said. “It’s an eyesore at the moment and it’s not serving any purpose, but I think parking will be an issue.”

The plans are available for viewing in Woodford Green Library.