Capital & Centric has added another Manchester mill to its portfolio with the acquisition of the 80,000 sq ft Talbot Mill in Castlefield in an off-market deal.
The former cotton spinning mill on Ellesmere Street is one of the largest and last surviving buildings of its kind in Manchester. While the vendor was undisclosed, the mill is understood to have been bought for more than £5m from Equinox Properties, run by director Daniel Jebreel.
Capital & Centric plans to develop around 200 new homes on the site.
Talbot Mill is the fifth mill building that Capital & Centric has acquired in Manchester over the last 12 months and follows the purchase of the grade two-listed Crusader Works, London Warehouse and the planned redevelopment of the grade two-listed Minto & Turner and Minshull buildings as part of the £200m Kampus project on Aytoun Street.
Adam Higgins, co-founder of Capital & Centric, said: “Talbot Mill is such an exciting opportunity for us and it fits neatly into our growing long term investment portfolio. We now have more than 600,000 sq ft of mills either planned or under construction in Manchester.
“Talbot Mill is located adjacent to the Bridgewater canal and whilst this aspect of the canal is currently hidden from public view, we are working up plans to reactivate this area by carrying out an extensive and sympathetic refurbishment of the existing buildings to create a number of contemporary residential loft apartments.”
Higgins continued: “There are so few of these buildings left now and they continue to capture the imagination of buyers due to the plethora of existing features, which we’ll incorporate into the finished product. Together with a reinvention of the currently dilapidated central courtyard, our vision will reanimate this great building for the enjoyment of many generations to come. We believe that Talbot Mill will be our coolest and most exciting project to date.”
Equinox was represented by Tim Claxton Property.