A 120-year-old property on Stamford New Road has been sold with the buyer claiming the deal “reflects the increasing demand for residential accommodation in Altrincham”.
Novo Property Group has bought the 250-year leasehold interest in Victoria House from Barton Properties (UK) Ltd.
It now plans to convert the first and second floor office accommodation – a total of 4,000 sq ft – into four luxury residential apartments.
The retail unit on the ground floor is currently occupied by furniture store Sharps.
Alexander Clarke, acquisitions director of Novo Property Group, said: “This acquisition follows our recent purchase of the development site at Back Grafton Street, Altrincham where we are developing ‘The Tannery’, a residential scheme of 13 residential apartments in which we have already received interest from potential purchasers.
“This reflects the increasing demand for residential accommodation in Altrincham particularly around the hospital and Goose Green. We believe that with the town’s regeneration becoming more evident we will see the creation of a welcome and sought after residential element in the town centre, which will complement the desirable neighbourhoods of Hale and Bowdon.”
Novo has recently moved its office from Altrincham to help it locate more opportunities in the town.
Daniel Lee, director of Regional Property Solutions, who acted for the vendor, said: “This purchase reflects the growing popularity of converting offices to residential use under Permitted Development Rights (PDR) for change of use and will certainly bring an added dimension to the life of the town centre.
“The secondary office market is virtually non-existent, which is why this is proving to be a popular way of maximising the value of these properties”.
