The House Crowd has agreed a deal with Chancerygate to bring forward 16 flats at 5-17 Chapel Walks in Manchester city centre in a scheme designed by Jeffrey Bell Architects.
The Altrincham-based company has acquired a 250-year leasehold interest on the on the upper floors of the buildings, which sit just off Cross Street.
Chancerygate secured planning consent to convert the former 12,700 sq ft office into two studio, four one-bed, and 10 two-bed flats.
The House Crowd raised £2.5m through its platform for the purchase of the leasehold and initial development costs, and work is expected to start on the conversion in spring this year.
Chancerygate was advised by Savills on the deal, while The House Crowd was advised by Casabel Property Consultants.
Other projects The House Crowd has acquired include a £15m, 40-home project off The Downs in Altrincham, designed by architect Calderpeel; and an £11m, 54-home scheme two miles outside Oldham, which is being delivered by contractor CPUK.
Chancerygate asset manager, Simon Barrs, said: “We are very pleased to secure the sale of a long leasehold interest of these three properties. We look forward to working with The House Crowd Group team as they bring this exciting development project to fruition. We will be reinvesting the proceeds of the sale into securing further opportunities to expand our fund’s portfolio.”