Initial work has begun on a new development, set to restore a historic building to its former glory and bring luxury living space to Stretford.
The Bank, on Kings Road and originally known as Derby Hall, was home to Stretford Conservative Club for many years before its conversion to a retail premises and later a bank. Since the bank closed in 2016, the site has stood empty but now it is set to have new life breathed into it.
The Heaton Group, the business behind the redevelopment, has a reputation for sympathetic and high-quality renovations, from dilapidated office blocks to listed buildings of historic interest.
Chris Holland, Director at The Heaton Group, explains: “We see ourselves as custodians of heritage and character, preserving the best bits of local icons while providing outstanding habitats that are made for lifestyle living. We also have a unique insight into the Northern Powerhouse property market and offer developments that are ideally tailored to the requirements of our investors and tenants.”
Due to open in May 2021, the ground floor space will be a commercial unit whilst the first and second floors will be transformed into 13 luxury apartments. The apartments will include twelve one-bedroom apartments and one two-bedroomed apartment. Of these, three will be duplexes, each with their own private staircase to the second floor. Prices are expected to start from £110,000, with a projected rental yield from 7.58%.
Smart technology will be incorporated throughout the building, allowing simpler management and lower costs. Secure cycle parking will be provided at ground floor level, with storage for 10 bicycles.
Chris adds: “We expect the apartments to be popular with those looking to invest in Stretford as the UK rental market is forecast to grow by over one million households over the next five years.”
According to the Nationwide Building Society’s House Price Index in 2019, London’s house prices have dropped by one percent year-on-year. Manchester, on the other hand, has seen growth since 2015, with prices rising over seven percent year-on-year.
“Stretford is already popular with young professionals who commute to the city centre using the tram link. It strikes a great balance between city living and a smaller town community feel. Nearby Stretford Mall has undergone a considerable £2 million investment and there are a wealth of bars and pubs.”
The location boasts excellent transport links, including the nearby motorway and main road routes, and is surrounded by green spaces from Gorse Hill Park, Victoria Park, Moss Park and Longford Park to Stretford Meadows, Turn Moss and Chorlton Water Park.
In the coming weeks The Heaton Group plans to launch a detailed guide to living in Stretford, which will be available to download from its website.