Residential developer Fresh Start Living plans to convert the historic Trafford Press building into 100 affordable flats by summer 2013.
The landmark site on Chester Road was formerly home to the Co-operative Press and Veno's Drug Company, and will now become 116 apartments across five blocks. The £9m development will start on site in June 2011.
Martin Ellerby, design and acquisitions director at Fresh Start Living, said the properties will be targeted at the buy-to-let market and more than 80 of the apartments have already been reserved by investor landlords.
Salford-based Fresh Start Living specialises in refurbishing empty or under-performing properties. Ellerby added: "The conversion of Trafford Press is an exciting opportunity to save a unique piece Manchester's industrial heritage and will help to breathe new life into the Old Trafford neighbourhood.
"Our company ethos is to 'recycle' existing buildings, attracting new residents to a neighbourhood – residents that can support local shops and services and contribute to sustainable communities.
"Streamlining the development process allows Fresh Start Living to respond quickly and bring much needed affordable housing to the marketplace. This system benefits everyone involved from minimising disruption to local residents through to speeding up the delivery of long-term improvements to the wider neighbourhood."
The scheme will consist of new build apartments built around the Trafford Press and Veno's buildings. The original Grade II listed façades will be retained.
The development will provide one, two and three-bedroom apartments across five blocks, ranging in height from three to six storeys. There will be 6,200 sq ft of commercial space on the ground floor and 117 parking spaces.