HSPG founders line up Stretford’s Circle Court for retrofit

The 1960s tower block was sold by L&Q for £4.6m earlier this year.

An SPV run by the owners of Manchester-based HSPG has bought Stretford’s Circle Court using finance provided by Together.

The developer, headed up by Guy Horne and David Searle, plans to refurbish the 16-storey building, creating 30 one-bedroom and 92 two-bedroom luxury apartments in a scheme branded One Trafford Edge.

The development is being advertised off-plan to buy-to-let investors on various agency websites with yields of up to 16% and deposits of £36,700 being touted.

Marketing materials prepared by agency NPP Residential describe One Trafford Edge describe the development as “Manchester’s most coveted new address”.

The advert explains that investors in the scheme would be primed to benefit from large scale projects in the surrounding area, including Manchester United’s plans to redevelop Old Trafford and Therme’s £400m wellbeing resort at Trafford Park.

An HSPG spokesperson said: “Circle Court was purchased by Circle Court SPV, an independent company owned by Guy Horne and David Searle. Circle Court SPV is currently exploring a range of options for the site.

“While no decision has been made yet regarding Circle Court’s future use, Guy and David both remain committed to supporting the delivery of more social and affordable housing across the country through HSPG, a social impact real estate company that they co-founded in 2015, and their registered provider, PPHA.”

Built in the 1960s and located next to Junction 9 of the M60, Circle Court was made up of 121 affordable apartments run by housing provider Trafford Housing Trust.

The group said it would relocate the 176 people who lived at Circle Court in 2022. Since then, THT has been fully absorbed by L&Q, which continued moving residents from the block of flats.

L&Q appointed CBRE to market the property for sale last year.