£30m to breathe new life into historic Mutual Mills

Priestley Homes has a submitted planning application to develop the historic Mutual Mills in Heywood, near Rochdale in Greater Manchester into 240 apartments.

The £30m scheme proposed by the Leeds-based conversion specialist would breathe new life into the 19th century textiles mills, which have stood vacant and acted as storage facilities in recent years.

Priestley said the properties would appeal to both investors and home-seekers alike, prices would start from just £99,995, offering a projected rental yield of up to 8% and strong potential for capital growth.

Plans include a mixture of one and two-bed apartments across the two buildings, with units expected to attract attention from professionals, families and retirees, with accessibility and security both high priorities.

Plans focus on original features being retained and refurbished, including the striking towers on each corner of the buildings and an original steam engine, originally used for pumping water into one of the mills.

Priestley Homes would install glass panelling near the engine to showcase the site’s industrial heritage to occupants and visitors.

Nathan Priestley, chief executive at Priestley Homes, said: “There are very few high specification apartments at this price point in Heywood.

“We expect considerable interest from investors looking to capitalise on the region’s growing reputation as a buy to let hotspot, and the site’s proximity to local amenities and transport links to Manchester city centre would also appeal to those looking for convenient, affordable living.

“Without investment, the mills are at risk of prolonged neglect and being lost forever. This development would secure a long term future for a truly unique pair of buildings from Manchester’s industrial past, giving buyers the chance to own a piece of Manchester’s history.”

Subject to planning permission, construction work is expected to begin in early 2018 and finish in spring 2019.