FreshStart spends £3.75m on Stockport mill
By Bridging Loan Directory -
Property developer FreshStart living is to invest £3.75m in converting a former mill in Stockport into 51 apartments reports BusinessDesk.com.
The Salford-based firm bought St Thomas’s Place as a distressed asset from a bank. The site’s former developer, Westshield Homes, had completed a block of 21 apartments for social housing firm Mosscare but had been unable to deliver a private sector element of the mill conversion.
FreshStart Living said it would now convert the remainder of the property into 28 one-bed and 23 two-bed apartments.
It said that work to complete the scheme is due to start in October following its appointment of a contractor.
Stuart Cook, acquisitions manager at FreshStart Living, said: “This is another classic example of FreshStart’s ability to breathe new life into underperforming properties and to offer investor landlords a market-leading opportunity.
“Our corporate ethos is to ‘recycle’ empty or undervalued buildings, attracting new residents to a neighbourhood – residents that can support local shops and services and contribute to sustainable communities.”