Beech Properties has bought a 9,300 sq ft vacant office in Manchester’s Waterloo Street for conversion into apartments.
WHR sold 2 Waterloo Street, near Chinatown and the Gay Village, on behalf of a private family trust for £890,000.
Beech provides high-specification apartments aimed at single occupiers providing a cost-effective alternative to shared housing outside the city centre.
Beech recently completed the acquisition of the upper office floors of 25-27 Cross Street in Manchester from a private investor. The company also launched its first city centre development at 90 Princess Street earlier this year.
The design team uses space-saving techniques such as underfloor heating removing the need for radiators, no boilers or water-tanks in cupboards, built-in Ottoman lift-up beds with large storage space underneath, tall narrow wardrobes and a shared laundry room on each floor to remove washing machines from studio kitchens.
Stephen Beech, owner of Beech Properties, said: “This development of 2 Waterloo Street will bring the whole building back to useful purpose, guaranteeing its long-term future use after 50 years standing largely vacant. This helps meet latent demand from occupiers and provides social, economic and environmental benefits in an accessible and sustainable location.”
Harry Skinner, surveyor at WHR, said: “The freehold market in Manchester is very active at the moment and buildings that have the option to be converted for residential use are particularly popular. Two Waterloo Street, which had lain vacant for some time presented a great opportunity for someone who was prepared to invest in it.”