Oldham mill to be replaced by housing development following £3.5m sale
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The £3.5m sale of an Oldham mill will lead to the creation of a new housing development for the town.
Acting on behalf of Oldham toys business The Character Group, Manchester property firm Davies Harrison has sold the 340,493 sq ft multi-storey mill to North West property developer, Kellen Homes – a wholly owned company of Renaker – on an unconditional basis.
The deal completed in less than six weeks from agreeing terms.
Kellen Homes plans to redevelop the site to create a new residential destination for the region – its first residential development venture outside Manchester city centre.
Rick Davies, of Davies Harrison, said: “Kellen Homes’ speculative purchase of this mill is indicative of its confidence in the area, which continues to benefit from significant investment.
“The majority of interest we received in this property was from developers as the mill had come to the end of its economic life.”
He added: “We had a number of offers for this building but Kellen Homes’ ability to move quickly on an unconditional basis made them the optimum purchaser.”
Mark Calvert, of Kellen Homes, said: “Kellen Homes is excited to have acquired this redundant Brownfield site.
“We aim to develop the site into a multi-tenure, sustainable development which will provide much needed high quality housing.
“The development will cater for a range of occupiers, including families, couples and individuals.
“Our proposals will facilitate the regeneration of the site and inject much needed investment into the local area.”
Mike Coulter, of Grasscroft, represented Kellen Homes.