Commercial site in Cheshire hotspot snapped up for redevelopment

A prime Altrincham town centre site has been snapped up by a developer for a residential scheme.

Southway Housing Trust has bought the freehold investment and development opportunity at Regent Road, Normans Place and New Street in Altrincham town centre 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 site of around 0.5 acres in the heart of the town centre has been bought primarily for its residential development potential, Southway said.

The 9,500 sq ft office and retail building centre is currently let to four tenants generating £70,000 a year 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, said: “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. An exciting team of talented designers are currently being assembled and we will be releasing detailed proposals for the site in the coming months.”

Daniel Lee, director, Regional Property Solutions, added: “This site sits in a very interesting and evolving part of the town centre, opposite the new South Trafford Health and Wellbeing Centre and within a stone’s throw of the Market Quarter. I anticipate that the purchasers will create a scheme that not only enhances this part of the town but is also complimentary to the surrounding buildings. This is probably the largest town centre development opportunity that has been transacted this year, which further underpins the investor confidence in the town centre.”

Southway Housing Trust has appointed Regional Property Solutions to manage the existing properties.