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.
Fabrick is a permitted development office-to-residential scheme converting Sim Chem House, a 7,614sqm (81,956sqft) office building on Warren Road in the sought-after 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 reskinned with an all new contemporary residential facade.
£17m in development financing was provided by UBS Asset Management UK.
Fabrick’s micro-apartments range in size from 30sqm (323sqft) to 38sqm (409sqft) for a one bed and 49sqm (527sqft) to 57sqm (614sqft) 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 £28m.
Commenting, Martin Skinner, 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. Construction is expected to commence in the Summer.