Petersgate House snapped up by overseas investor
A property company based in the Middle East has acquired the 20,800 sq ft Stockport office building for £1.8m.
SDL Auctions and Impey & Co had marketed the property for £1.8m and the six-storey block was due to go up for auction this month.
However, the investor stepped in with a bid above the asking price and bought it before it went under the hammer.
Prior to the sale, the agents had received around 30 offers for the site, including from investors and residential developers.
While the name of the acquiring company has not yet been disclosed, it is understood that the firm already has land and property holdings in Stockport.
Petersgate House is located in an area of Stockport where several residential projects are coming forward.
Eamar Developments, the Saudi Arabian owner of Stockport’s distinctive Pyramid office building, is seeking consent for almost 100 apartments across 20 storeys.
One Heritage Group is delivering two schemes nearby, an 18-apartment scheme on St Petersgate and 30 apartments within Seaton House on Wellington Street.
Estate agent Edward Mellor is selling its town centre headquarters on St Petersgate, a site the company says could be redeveloped into 250 apartments across three towers.
Stockport is under pressure to deliver homes in the town centre having pulled out of the Greater Manchester Spatial Framework, now called Places for Everyone, in 2020.
The authority’s withdrawal from the joint plan increased its housing delivery target, much of which would have otherwise been shared between the other nine Greater Manchester boroughs.
Stockport’s withdrawal was down largely to objections to Green Belt release, another reason the council is targeting the delivery of high-density town centre developments.
The council estimates it is required by the government to deliver around 18,581 homes between now and 2038.