Property firm completes acquisition deal for Stockport site
Manchester-based Progressive Living Developments has acquired Victoria House, a 13,000 sq ft office building in Stockport city centre, for an undisclosed sum.
The 1960’s, part-tenanted property on the corner of Wellington Street and Piccadilly boasts four floors of commercial workspace as well as basement parking.
The site was granted planning approval for a conversion into 21 apartments in 2015 and sits adjacent to the Ritz car park site recently marketed by Stockport Metropolitan Borough Council for residential development.
David Fairclough, director at Progressive Living Developments, said: “Stockport has been a target area for us for a while now thanks to its good transport links and forward-thinking council, we therefore see Victoria House as a sound investment with great future potential.
“Stockport MBC has shown real commitment to the development and growth of the town through its purchase of Merseyway Shopping Centre, the development of the Redrock leisure scheme, the partnership with Muse on Stockport Exchange and proposals for Stockport Transport Interchange.
“We feel confident that the Victoria House site will make a valid contribution to the wider regeneration strategy for the area.”
Progressive Living Developments’ plans for the site are for a short-term hold while redevelopment options are identified and discussed with the council.
Plans are thought to include demolishing the existing building down to the basement car park and replacing with a new-build residential or mixed-use block above.
The team acting on the purchase of Victoria House on behalf of Progressive Living Developments included Simon Cook of Roger Hannah and Jon Mason at Gateley.