Manchester property crowdfunding platform The House Crowd Group has raised £2.5m for the purchase and development of 16 new apartments.
The development of the upper floors of the Chapel Walks building will begin in Spring 2019.
The purchase comes with a 250-year leasehold and was arranged with industrial developer Chancerygate and property agency Savills.
The former office, leisure and dental surgery space will be converted into apartments designed by Manchester-based Jeffery Bell Architects. The development spans 12,700 sq ft and will include 2 studios, 4 one-bed and 10 two-bed apartments.
Chancerygate will continue to manage the remaining freeholds at Chapel Walks.
Commenting on the sale, Chancerygate asset manager, Simon Barrs, said: “We are very pleased to secure the sale of a long leasehold interest of these three properties. We look forward to working with The House Crowd Group team as they bring this exciting development project to fruition. We will be reinvesting the proceeds of the sale into securing further opportunities to expand our fund’s portfolio.”
Associate in the development team at Savills Manchester, Ned Brooks, added: “The sale of 5-17 Chapel Walks will bring much needed new apartments to a highly desirable location in central Manchester, close to both the transport centres of Victoria and Piccadilly Stations and the retail heart of the city.
“The scheme will be a key driver in the future regeneration of this part of the city, which is becoming one of the most desirable residential locations in central Manchester. Providing high-quality apartment accommodation and bringing more residents into the area, the scheme will be a further boost to the economy in the immediate vicinity.”
The House Crowd Group was advised on the acquisition by Manchester-based Casabel Property Consultants.