We are delighted t announce that we have provided a development loan of £800k to North West based developer, Qunita Group to fund the conversion and refurbishment of an old Grade 2 listed former office building in the centre of Altrincham.
The £1.5M development of 16 Old Market Place, built in the early 19th century and situated within the Old Market Place Conservation Area, will see this historical building transformed to offices, mews houses and apartments.
Planning was granted in March 2020 for the refurbishment of 2,500 sq ft of office space accessed through the buildings original entrance fronting Old Market Place, along with the conversion to create three town houses and two apartments designed around a gated and landscaped courtyard.
PMJ has been working with developer Quinta for a number of years previously providing support on the company’s Stamford New Road project also in Altrincham.
The development loan has been provided for a period of 15 months to fund the works with an expected end value of £1.4m, with a loan to GDV of 55%.
Relationship director, Lee Barton commented: “We have been working with Quinta for some time now and have been incredibly impressed with their approach to development, always designing schemes with the purchaser in mind.”
Alexander Clarke, managing director, Quinta Group, said: “This is a very historic and characterful building just a short walk from the town’s popular Market Quarter.
“With funding now in place and the contractor appointed we are excited to get on-site. It will enable us to deliver much needed good quality housing in the heart of the town centre, along with hi specification office accommodation aimed at SME’s and start-ups”.
Added Lee: “We are looking forward to seeing the development take shape over the next few months, working with the Qunita team throughout the conversion.
“Altrincham is an excellent location providing a sound investment opportunity for purchasers.
“There is a great deal of development activity in the region and we look forward to seeing this scheme complement the town’s current offering.”