Buy-to-let developer Fresh Start Living has acquired its tenth development, a former mill in Stockport, which it will convert into 51 affordable apartments.
The Salford-based developer plans a £3.75m scheme to transform St Thomas's Place into 28 one-bed and 23 two-bed flats.
Fresh Start acquired the mill building partly complete as a distressed asset from the bank. A newly built block of 21 apartments was completed by developer Westshield Homes, a division of construction and engineering contractor Westshield and sold on to Moss Care Housing Association but Westshield Homes was unable to complete a separate private element of the project.
Work to complete the entire scheme is due to commence in October 2011 following the appointment of a contractor by Fresh Start Living. The completed units will be sold to either buy-to-let investor landlords or would-be first-time buyers looking to rent because of the lack of affordable mortgage finance and the demand for large deposits by lenders.