National law firm Irwin Mitchell has advised Trafford College Group on the sale of a 2.89-acre site which forms part of the Stockport College campus to Manchester-based developer Investar Property Group.
The site is located in the centre of Stockport, a town that is currently undergoing a £1 billion investment programme, at the junction of Greek Street and Wellington Road South and had been identified as prime for a residential led mixed-use development scheme. Following a marketing process by Colliers International, Investar was selected as preferred bidder and has now committed to buy as soon as planning permission has been granted.
The site includes the Torkington Building, Lyme Building, University Centre, and the Grade II listed Greek Street Centre.
Investar Property Group last week released images of Royal George Village, the £65 million mixed-use scheme it intends to build on the site, which would include converted and new-build residential as well as co-working space, commercial units and green space.
Investar’s plans reveal:
- the 120,000 sq. ft Torkington building would be converted into 120 apartments with a focus on providing affordable homes for Stockport residents.
- the existing 63,000 sq. ft Lyme building will be demolished and a 250-apartment block will be constructed.
- the listed 26,000 sq. ft grade two-listed Greek Street building would be converted into a co-working space for local businesses.
- plans to include provision for another new-build block of 55 apartments located on the corner of Greek Street and Royal George Street.
- four existing buildings will be demolished to make way for an underground car park and public realm.
A virtual public consultation has been launched available at www.royalgeorgevillage.co.uk and planning application is expected to be submitted late April 2020, with the aim of going to planning committee in autumn 2020. Works are due to begin on site in 2021.
Roy Beckett, Real Estate partner at Irwin Mitchell, based in Manchester said, “We are delighted to have advised The Trafford College Group on this sale. Investar Property Group’s plans will greatly increase the vitality of the area and will be an important part of Stockport’s regeneration. Stockport is a superbly located transport hub and is now being transformed through a combination of public and private sector investment.”
The rest of the Stockport College campus is currently the subject of a £23 m redevelopment programme which will provide a learning environment that uses the latest developments in digital technology and education.
Irwin Mitchell has considerable experience of advising on the property needs of establishments in the Further Education Sector. Clients include Greater Brighton Metropolitan College and South Essex College.