£14m conversion of listed former theatre to apartments now under way
A £14.1m scheme to transform a Grade II-listed former theatre into 82 apartments has begun.
Construction is under way at the Lyceum development on Church Street in Eccles, Manchester.
The project, which is being delivered by ethical property developer Integritas Property Group (IPG), alongside Abrey Construction, will see the sensitive redevelopment of the Old Palace Theatre building into 82 affordable and contemporary one-, two- and three-bedroom apartments.
Each apartment will benefit from airy rooms, a private balcony and tastefully designed interiors that provide a nod to traditional English heritage with a modern twist.
Residents will also enjoy private parking, security fob access, bike storage and two lifts, as well as easy access to local tram and train lines and both the M60 and M62.
The location of the converted Elizabethan building borders Salford Quays, the home of MediaCityUK, Europe’s most acclaimed creative industry hub, providing a comfortable and quiet community setting on the backdrop of a thriving urban landscape.
The development was initially sold by sales company Elevace on behalf of Goodwins Construction, but works were halted when the project went into administration due to funding issues facing Goodwins.
IPG and Elavace, with managing director Mitchell Walsh at the helm, were able to retain investment and buy back the scheme from administrators, saving the £2m of funds that had already been injected into the project.
With the scheme now being driven by IPG, investors will be able to enjoy an expected appreciation rate of 10%.
Mitchell Walsh said: “The Lyceum development offers investors the opportunity to own not just a piece of Manchester’s history, but also part of the gateway to the vibrant city centre.
“With the rental market growing in the North West, the apartments are proving incredibly popular with investors, and with the right people now at the helm, we’re excited to see the restoration reach completion.”
Construction on the Lyceum development will complete in third quarter of 2023.