Investor Shenton Homes has acquired No. 1 Chepstow Street in Manchester from McDonald’s Restaurants and outlined its intention to deliver apartments on the upper floors.
The 20,000 sq ft space occupies a prominent location at the junction of Chepstow Street, Oxford Street and Portland Street.
Formerly home to a picturehouse, one of four around the junction, the site houses a 24-hour McDonald’s that will remain in operation.
Terms of the deal were undisclosed. The company has not yet said how many flats the space will be divided into, but is likely to retain them within its portfolio to be rented out, Place North West understands.
Shenton Homes, the residential arm of the eponymous group, said it aims to “deliver a sensitive restoration of the historic building, bringing forward a low-rise residential scheme on its three upper floors”.
Chief executive Colin Shenton said: “Although this building isn’t listed and is not in a conservation area, we’re keen that our works on No. 1 Chepstow Street be sensitive, and respectful to its storied history.
“With over 30 years’ experience of creating high-quality, design-led schemes, we’re excited to acquire another prime city centre location for our next residential project. We look forward to revealing more details in due course.”
Shenton, an established entrepreneur in the region, has in recent years launched the Ziferblat pay-per-minute co-working space, which was then rebranded as Oppidan Social; and Oppidan Life, a co-living concept first operated in Swan Street.