London-headquartered Inspired Asset Management has made its first venture into the Greater Manchester market, with planning secured for the conversion of Sim Chem House in Cheadle Hulme into a 184-unit residential scheme.
The investor-developer bought the 1960s office building for £5m in a deal introduced by Cheshire-based property investor Sanjay Shah, owner of local property company Mirasa. Shah is also backing the scheme alongside co-investors. Inspired’s project has a GDV in excess of £25m.
The 81,956 sq ft six-storey building was previously occupied by engineering group Simon Carves, but has been vacant since 2011. Stockport Council has long earmarked the site, in prime commuter territory close to Cheadle Hulme station, for potential residential use.
The scheme will include studio, one-bedroom and two-bedroom apartments, with prices for one-bedroom apartments expected to come in at £129,000.
Martin Skinner, chief executive of Inspired, said: “Our strategy has always been to pick areas undergoing significant regeneration that are affordable to young professionals and have great transport links. With strong rental growth predicted in Manchester over the next five years, yields above 5% and government support through the Northern Powerhouse agenda, Manchester has become a hotspot for UK and overseas investment.”
Building works are expected to begin in early summer.