Investar bags £13m for Paragon House overhaul  

The path is clear for the developer to start the conversion of the former Bruntwood office in Old Trafford into apartments later this month, having secured development funding from Reim Capital.

The £13m will go towards the creation of 115 apartments within the 48,000 sq ft office, which Investar Property Group bought last year for an undisclosed sum.

Developer Mandale Homes previously had consent under permitted development rights for an office-to-residential scheme converting the nine-storey Paragon House into 88 apartments.

However, Investar drew up alternative plans for the Seymour Grove building and secured approval from Trafford Council at the end of July for a larger scheme with 115 apartments.

The architect and planner for the project is Leeds-based Headoffice3.

Kunal Vaitha, co-founder of Reim Capital, said: “We are very pleased to be working with a new developer and to be completing our first loan in the North West of England. The company goal at the start of the year was to diversify our book into the region.”

Michael Dong, chief executive of Investar, said: “We are excited to have completed our first development loan with Reim Capital, the transaction was complex but working with the Reim team has been a real pleasure and we look forward to working with them on many more schemes.”

Gorvins advised Investar on the original acquisition, and Rauniar Investments advised on the funding deal.

Elsewhere in Trafford, Investar is developing the 149-unit Botanical Gardens on Talbot Road.

The scheme, designed by Tim Groom Architects, won planning approval earlier this year.