Legacie acquires Oakland House for £13m

Now that the Liverpool-based developer has the Old Trafford building’s deed in hand and planning permission secured, it can move forward with its plans to convert the office block into 304 apartments.

Legacie’s ambitions for the 15-storey Talbot Road building had been revealed by Place North West in October, when it had submitted its application for the residential conversion.

Several months later, Legacie has firmed up its ownership of the 161,500 sq ft Oakland House and adjacent 521-space multi-storey carpark.

Legacie acquired the property from Regional REIT for £13m, with lender Together supplying a £10m facility to enable the deal.

With the £13m price tag, the sale represented a net initial yield of 5.1%, which was a 1% premium over the property’s book value from 30 June. It is also £3m more than Regional REIT paid to acquire the building in 2016.

Greater Manchester Police partly occupies Oakland House, which is 35% vacant. There is 1.7 years left on the lease, which generates £700,000 in annual rental income.

Legacie’s vision for Oakland House was designed by Falconer Chester Hall. It will transform the office block into a series of one- and two-bedroom apartments. When the conversion completes, the building will get a new moniker: Horizon.

“Legacie’s commitment to transforming Oakland House into a high-end residential scheme is a testament to the momentum our team has built over the past few years,” said Legacie chief executive and founder John Morley.

“Horizon reflects not only the strength of our pipeline, but also the confidence we have in the communities that we invest in,” he continued.

“As we look ahead to 2026, Horizon shows that our ambitions aren’t slowing down – they’re accelerating.”

Morley concluded: “Legacie is entering the new year with purpose, energy and a stronger-than-ever vision for delivering exceptional places to live and work, whilst continuing to make our mark on the skylines across the North West and beyond.”

The Oakland House deal is not the first time Together has helped finance a Legacie project. The funder has also assisted on projects in Luton, Liverpool, and Salford – notably on the £85m Embankment Exchange. Together has a loan book of £8bn.

Reflecting on Oakland House’s future as Horizon, Together corporate sales director Ritchie Watson said: “This latest project, Horizon, will transform the former Oakland House office block, providing much-needed residential apartments in a fantastic location and with superb transport links.

“We believe Legacie’s latest development will add to the vibrancy of the area and boost the local economy by providing quality accommodation in the heart of Old Trafford.”

RWInvest will market the apartments for Legacie. Savills provided planning services for Horizon.

To learn more, search for reference 117457/PMA/25 on Trafford Council’s planning portal.