Grasscroft Property has completed on the sale of its 4.5-acre Durban Mill site in Oldham, which has planning consent for a £10m residential development, to Countryside Properties.
Grasscroft bought Durban Mill unconditionally from London & Scottish Investments in 2015. General merchandise supplier Findel was formerly the occupier.
Demolition of a 100m chimney and stripping out of the five-storey disused warehouse over a three-month period completed in January, with planning secured at the end of May for 80 two-, three- and four-bedroom homes.
The site has been vacant since 2008.
Countryside has agreed a subsequent deal with Sigma Capital to own and manage the units, which will be made available for market rent upon completion by Countryside.
The sale of Durban Mill represents the second deal within two months with Countryside and Sigma Capital by Grasscroft, which recently sold its Coral Mill site in Newhay to the partnership for the development of more than 60 residential units.
Mike Coulter, managing director at Grasscroft Property, said: “Taking the risk of purchasing Durban Mill unconditionally underlines our confidence that this site was a prime opportunity for regeneration and had the potential to fulfil a real need for a new residential development in the area. We have great confidence in the Oldham market and in Greater Manchester more generally and are currently seeking new acquisitions in the region.”
Preston O’Herlihy acted for Countryside Properties and WHR Property acted for Grasscroft. Nexus Planning is the appointed planning consultants for the Durban Mill site.