Inspired Asset Management

Property developer secures £17m for PD scheme

Inspired Asset Management has secured £17m in development finance which will be used to develop a 184-unit residential scheme in Greater Manchester.

Fabrick (pictured above) is a permitted development office-to-residential scheme, converting Sim Chem House, an office building on Warren Road, into high-specification apartments with an estimated gross development value in excess of £28m.

The funding was provided by UBS Asset Management UK and will help the residential property investor and developer create the scheme, which will be comprised of one- and two-bedroom micro-apartments.

“We only completed on the scheme in February so to get funding so early on highlights the confidence in our proposals and the location,” said Martin Skinner, chief executive of Inspire Asset Management.

The Fabrick development is located just moments from Cheadle Hulme railway station, which has direct trains into the centre of Manchester.

The site is also just a 10-minute drive away from Manchester Airport, home to the £800m Airport City Manchester development and its £130m ‘China Cluster’ business hub.

“Manchester is the country’s second city and has attracted a lot of attention from those looking outside the capital,” Martin added.

“Despite recent growth, prices are still below their 2008 peak which shows where they are in the cycle.”

Fabrick’s micro-apartments will include hardwood flooring, granite worktops and designer bathrooms, while residents will also have access to a communal rooftop terrace and a Wi-Fi ready club lounge.

Construction is expected to begin in the summer and more than 30 apartments have already been reserved, with prices starting at £130,000 for a one-bedroom micro-apartment.

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