Residential developer completes purchase of St Petersgate office building

Manchester based residential property developer, One Heritage, has confirmed its acquisition of Plus House, a four storey office building on St Petersgate in Stockport town centre.

One Heritage acquired the property for £725,000, with completion expected on 31st March. The developer financed the purchase through a share placing, which generated over £500,000, and anticipates spending a further £1 million on the St Petersgate building to convert it for residential use.

Plus House is currently used as an office building, but planning permission has already been granted for the upper three floors to be converted into 12 apartments. An extension to the building is being considered, that would add a further three apartments to the plans. 2,500 sq ft of commercial space would be retained for the ground floor.

The site, on St Petersgate, is a short five-minute walk to both shops and leisure destinations in the town centre, and transport links to Manchester and London from Stockport train station, as well as bus connections. Developers anticipate that the properties will be attractive to young professionals.

Jason Upton, Chief Executive Officer of One Heritage Group plc, commented:

One Heritage is pleased to be able to acquire Plus House through a Placing and Subscription. It demonstrates that investors strongly support the Company’s strategy and have faith that management will deliver.

“Plus House is an exceptional opportunity that fits within our business strategy. We see Stockport as a great location as it fits in with our strategy to focus on units that we believe young professionals will be attracted to.”

Construction work on the scheme is expected to begin in the second quarter of 2021, with completion by the end of the second quarter of 2022.

Stockport based MBRE acted as agents on the sale.