The developer has snapped up the 22,000 sq ft Progress Centre in Ardwick with plans in place to convert the Victorian mill into flexible office space.
HS Property Group has bought the building in an off-market deal in an investment of more than £1m, which includes in excess of £250,000 towards restoring the building’s period features and fit-out.
The office space will be targeted at co-working space with suites varying between 100 and 4,000 sq ft, while the building’s current café will be refurbished and a fitness studio will be added in the basement.
The Progress Centre is currently home to budget offices, storage units, and showrooms.
HS Property Group, headed up by developers Guy Horne and David Searle, will also use part of the fifth floor of the building as its new headquarters. Other recent acquisitions by the company include a mixed-use block on Tib Street.
Horne said: “Our acquisition of the Progress Centre lays down our roots near to Manchester city centre, enabling us to give back and promote growth of Manchester’s vibrant start-up community.
“The Progress Centre is on the doorstep of one of Manchester most exciting developments, which will bridge the gap between Piccadilly and Ardwick. Our focus and responsibility is now to realise the potential of the building and its facilities, to provide high-quality, future-proof, creative workspaces for the city’s innovative businesses to collaborate.”