A landmark development in Altrincham town centre is to be turned into residential properties after being sold.
Southway Housing Trust has bought the freehold investment and development opportunity at Regent Road, Normans Place and New Street from a private client of Regional Property Solutions.
The properties will be developed under Gecko Homes, the commercial arm of Southway Housing, in partnership with Novo Property Group.
The prominent half-acre site – which includes the iconic corner building that’s now home to Riddles Emporium – has been purchased primarily for its residential development potential.
The 9,500 sq ft office and retail building centre is currently let to four tenants producing in excess of £70,000 per annum with all the leases expiring within the next two and half years.
Wendy Perkins, head of development at Southway Housing Trust, said: “This is one of our first commercial developments we are bringing to the market as Gecko Homes and it’s a fantastic, unique scheme that will demonstrate the ambition and quality of our development work.
“It’s a brilliant location with excellent potential and we look forward to working with our partners to deliver such an exciting project.”
Ben Fearns, managing director, Novo Property Group, added: “This is an excellent addition to our development portfolio within the town centre and another opportunity for Novo to provide new homes to the flourishing local market.
“We will be restoring former workers’ cottages along Regent Road into characterful residences.
“Elsewhere on the site we are proud to be delivering new shared ownership apartments on behalf of Southway Housing Trust which will allow more people to participate in Altrincham’s thriving property market.”
Daniel Lee, director of Regional Property Solutions, said it was “probably the largest town centre development opportunity that has been transacted this year”.