Construction has begun on the Grade II listed Lyceum development on Church Street in Eccles, Manchester, following a £14.1 million investment.
The project, which is being delivered by ethical property developer Integritas Property Group (IPG), alongside Abrey Construction, will see the sensitive redevelopment of the Old Palace Theatre building into 82 affordable and contemporary one-, two- and three-bedroom apartments.
Each apartment will benefit from airy rooms, a private balcony and tastefully designed interiors that provide a nod to traditional English heritage with a modern twist.
Residents will also enjoy private parking, security fob access, bike storage and two lifts, as well as easy access to local tram and train lines and both the M60 and M62.
The location of the converted Elizabethan building borders Salford Quays, the home of MediaCityUK, Europe’s most acclaimed creative industry hub, providing a comfortable and quiet community setting on the backdrop of a thriving urban landscape.
The development was initially sold by sales company Elevace on behalf of Goodwins Construction, but works were halted when the project went into administration due to funding issues facing Goodwins.
IPG and Elavace, with MD Mitchell Walsh at the helm, were able to retain investment and buy back the scheme from administrators, saving the £2 million of funds that had already been injected into the project.
With the scheme now being driven by IPG, investors will be able to enjoy a 6% NET assured rental return on each apartment and an expected appreciation rate of 10%.
Mitchell Walsh said:
“The Lyceum development offers investors the opportunity to own not just a piece of Manchester’s history, but also part of the gateway to the vibrant city centre. “With the rental market growing in the Northwest, the apartments are proving incredibly popular with investors, and with the right people now at the helm; we’re excited to see the restoration reach completion.”
Construction on the Lyceum development will complete in Q3 of 2023. To find out more about the project or to view the project brochure, visit: https://www.integritaspg.com/projects/lyceum