Inspired secures funding for Greater Manchester micro-apartment scheme
Inspired Asset Management has secured development finance for Fabrick, a 184-unit residential scheme in Greater Manchester comprising high specification one and two-bedroom micro-apartments.
A total of £17 million in development financing was provided by UBS Asset Management UK.
Fabrick is a permitted development office-to-residential scheme converting Sim Chem House, a 7,614 sq m (81,956 sq ft) office building on Warren Road in the Manchester suburb of Cheadle Hulme, just eight miles from the city centre.
Built in the 1960s, the building is set to undergo a radical transformation with it being stripped back to the shell and core and re-skinned with an all new contemporary residential facade.
The development is moments from Cheadle Hulme railway station for direct trains to Manchester Piccadilly in just 16 minutes and Stockport in only six minutes. Manchester Airport is a 10-minute drive and is home to the new £800 million Airport City Manchester development and its £130 million ‘China Cluster’, set to be the UK’s first airport city and a leading business hub in the region.
Fabrick’s micro-apartments range in size from 30 sq m (323 sq ft) to 38 sq m (409 sq ft) for a one bed and 49 sq m (527 sq ft) to 57 sq m (614 s qft) for a two bed and will be designed to a high specification, including hardwood flooring, granite worktops and designer bathrooms. Residents will also have access to a communal rooftop terrace and Wi-Fi Ready club lounge.
The scheme is Inspired’s first in the north and has an estimated GDV in excess of £28 million.
Martin Skinner, pictured, chief executive at Inspired Asset Management, said:
“We only completed on the scheme in February so to get funding so early on highlights the confidence in our proposals and the location. Manchester is the country’s second city and has attracted a lot of attention from those looking outside the capital. Despite recent growth, prices are still below their 2008 peak which shows where they are in the cycle.”
More than 30 apartments have already been reserved. Prices start at £130,000 for a one-bedroom micro-apartment and construction is expected to commence in the Summer.