Novo Property Group has bought the freehold of 60 Stamford New Road, Altrincham for £425,000 from Perlada Holdings Incorporated.
The former restaurant building comprises 3,755 sq ft on four floors. Novo has submitted plans for a major redevelopment to provide nine apartments, including three duplex penthouses, which will be created on the upper floors above an arcade of small shops.
The work will include the retention and enhancement of the front facade and the derelict rear of the property being refaced.
Ben Fearns, managing director, Novo Property, said: “Altrincham is becoming a real residential hotspot complementing the desirable neighbourhoods of Hale and Bowdon and this town centre property is ideally located for conversion. This is our fourth residential project in the town, having seen a huge demand for town centre living. We have two developments completing this year, The Tannery and Victoria House, with 14 of the 17 apartments already reserved.”
Daniel Lee, director, Regional Property Solutions, who acted for Novo in the acquisition, said: “This acquisition reflects the growing popularity of converting offices to residential use under Permitted Development Rights for change of use. Converting upper floor ancillary retail space into either residential or high quality offices is the best approach in order to unlock as much value as possible with healthy prospects in both markets.”
Williams Sillitoe Commercial acted for the vendor.