Inspired Asset Management has secured development finance for Fabrick, a 184-unit residential scheme in Cheadle Hulme comprising one and two-bedroom micro-apartments.
The £17m loan was provided by UBS Asset Management UK. Fabrick is a permitted development office-to-residential scheme converting the 1960s Sim Chem House 82,000 sq ft office building in Warren Road. The building will be stripped back to shell and core and reskinned with a residential facade.
Fabrick’s micro-apartments will range in size from 323 sq ft to 409 sq ft for a one-bed and 527 sq ft to 614 sq ft for a two-bed.
The scheme is Inspired’s first in the North and has an estimated GDV in excess of £28m. Inspired has £500m of developments in its Southern portfolio.
Martin Skinner, chief executive of Inspired Asset Management, said: “We only completed on the scheme in February so to get funding so early on highlights the confidence in our proposals and the location. Manchester is the country’s second city and has attracted a lot of attention from those looking outside the capital. Despite recent growth, prices are still below their 2008 peak which shows where they are in the cycle.”
More than 30 apartments have already been reserved. Prices start at £130,000 for a one-bedroom micro-apartment and construction is expected to commence in the summer.
The planner is Emery Planning and the architects are Falconer Chester Hall. The sales agents are Snapes and Reeds Rains.