Student landlord invests in first city block
STUDENT landlord Stephen Beech is spending £3m developing his first apartment block in Manchester city centre.
Mr Beech’s Beech Properties has acquired 88-92 Princess Street, which has been empty for 10 years, after securing finance from Fred Done’s Goldentree Financial Services.
He plans to turn the building into 40 flats and claims it will be the city’s first carbon neutral apartment scheme. There will also be 4,500 sq ft of commercial space on the ground floor.
He said: “There’s a growing demand for energy efficient properties for young professionals in Manchester’s rental market. With more professionals staying in rented properties for longer they’re becoming as environmentally savvy and energy conscious as home owners.”
Mr Beech, who acquired the site from the estate of a private investor, plans to kit it out with solar panels, a heat recovery system and a wood chip boiler. A planning application will be submitted by the end of the month.
He started his property business by renting to students in Rusholme. He now has around 100 properties with 450 bedrooms in south Manchester.
Commecial property solicitor David Moroney at Manchester law firm Kuits advised Mr Beech on the deal.