A residential crowdfunding company has exchanged contracts to buy a disused office in Wilmslow for £2.5m, and has revealed plans to convert the block into apartments.
HC Developments, part of The House Crowd group, is purchasing One Macclesfield Road from PH Properties.
The House Crowd is planning to convert and extend the 13,000 sq ft block to create 24 high-end apartments in a scheme called Bollin Heights, made up of five studios, 14 one-bedroom, and six two-bedroom flats.
The design by Howard & Seddon includes a fitness studio with personal trainers, a business lounge with hot desks and meeting spaces, concierge services and cold lockers for food deliveries.
The House Crowd has launched a crowdfunding campaign to source £3.5m of investment for the project. Individuals can put in a minimum of £1,000, and according to House Crowd can earn returns of 10-12 % each year depending on the amount invested. All investment is secured by a first legal charge against the property. Around £1.6m has already been raised.
Kingstone Construction has been appointed as contractor, and a start on site is due next month. The House Crowd said it hopes to have all funds raised by 16 November.
The flats will be sold at a starting price of £180,000 for off-plan purchasers.
Frazer Fearnhead, chief executive at The House Crowd, said: “There is a complete dearth of quality properties to buy at a lower price point in Wilmslow.
“Bollin Heights is in a superb location, just a few minutes’ walk from the town centre and train station. Through this development, we’re bringing a proven, successful US model directly to the UK. Each apartment is designed to create optimum space for residents, who will benefit from excellent communal facilities to help liberate their lifestyles.
“Given these facts, we know that demand will be exceptionally high and we anticipate selling all apartments off plan in the next few months.”