Manchester property developer, TRG, has purchased The Ropeworks mill in Reddish with ambitions for 28 new homes on the site.
TRG has acquired the freehold on the property, which includes a 10,000 sq ft former mill, from Hale-based Rammon Group (Properties) Limited, in a £1 million deal. The developer now plans to convert the mill into 12 luxury loft-style apartments, build a further 12 three-bedroom mews-style houses on the plot and add four more houses onto existing terraces on neighbouring Morton Street as part of the Reddish scheme.
When completed the total development value of the 0.3 hectare project, which will be called “Ropemaker’s Yard”, is expected to be in the region of £6.5 million. The properties, designed by award-winning Manchester Architects GA Studio, will primarily be aimed at the first-time buyer market.
Work on the conversion of the mill is scheduled to commence in January 2021. A new planning application is in the process of being submitted in respect of the new-build houses, and the Ropemaker’s Yard project in its entirety is expected to take approximately 18 months to complete.
Ropemaker’s Yard marks a shift in direction for TRG. The developer has previously focused on converting city centre properties into high-specification apartments for buy-to-let investors.
According to TRG’s managing director, Alexander Taylor, this move to target owner-occupiers by building on brownfield sites in more traditional residential neighbourhoods was partially driven by changing demand as a result of the pandemic, but is also a deliberate long-term strategic shift for the business.
Ross Wellman, partner in the property department at Glaisyers solicitors who advised TRG on the sale and planning submission, said:
It has been great to work with TRG again, and Ropemaker’s Yard has been a particularly satisfying project for us. As it is a brownfield site used for commercial purposes there were a number of complex issues for us to get our teeth into during the due diligence process. Inevitably we had to cover some issues with a suitable indemnity policy.
“This is an exciting development with a lot of different elements. I also believe that, from a commercial perspective, it will look increasingly shrewd as Stockport continues its rapid regeneration and pulls in more young families and professionals.”
Previous schemes TRG and its Director, Alexander Taylor, have been involved with include The Walton building in Liverpool city centre and the Trinity Apartments scheme currently underway in Colwyn Bay.