Priestley Homes has submitted a planning application to convert Mutual Mills in Heywood into 240 apartments.
The £30m scheme proposed by the Leeds-based company would restore the 19th century textile mills, which have stood vacant and acted as storage facilities in recent years.
Subject to planning permission, construction work is expected to begin in early 2018 and finish in spring 2019.
Priestley said the apartments aim to appeal to investors and owner-occupiers, and prices would start at just under £100,000.
Plans include a mixture of one and two-bed apartments across the two buildings, with a focus on original features being retained and refurbished, including the towers on each corner, and an original steam engine, used for pumping water into one of the mills. Priestley Homes would install glass panelling near the engine to showcase the site’s industrial heritage to occupants and visitors.
Nathan Priestley, chief executive at Priestley Homes, said: “There are very few high specification apartments at this price point in Heywood. We expect considerable interest from investors looking to capitalise on the region’s growing reputation as a buy to let hotspot, and the site’s proximity to local amenities and transport links to Manchester city centre would also appeal to those looking for convenient, affordable living.
“Without investment, the mills are at risk of prolonged neglect and being lost forever. This development would secure a long term future for a truly unique pair of buildings from Manchester’s industrial past, giving buyers the chance to own a piece of Manchester’s history.”