Glaisyers Advise TRG on £6.5m Project
Glaisyers Solicitors has advised TRG on the acquisition of The Ropeworks in Reddish, Stockport. The firm will also provide ongoing legal advice to the Manchester-based developer as it redevelops the 0.3-hectare site into 28 dwellings.
TRG acquired the freehold on the property, which includes a 10,000 sq ft former mill, from Hale-based group, Rammon Group (Properties) Ltd in a £1 million deal. It now plans to convert the mill into 12 luxury loft-style apartments, as well as building an extra 12 three-bedroom news-style homes on the plot. TRG will also add four more house onto existing terraces on the neighbouring street.
When its completed, the total value of the development, named “Ropemaker’s Yard”, is expected to be in the region of £6.5 million.
The conversion of the mill is set to commence in January 2021, and a new planning application is in currently in the process of being submitted in respect of the new-build houses, with the whole project expected to take approximately 18 months to complete.
Ross Wellman, partner in the property department at Glaisyers, said, “It has been great to work with TRG again, and Ropemaker’s Yard has been a particularly satisfying project for us. As it is a brownfield site used for commercial purposes there were a number of complex issues for us to get our teeth into during the due diligence process. Inevitably we had to cover some issues with a suitable indemnity policy.
“This is an exciting development with a lot of different elements. I also believe that, from a commercial perspective, it will look increasingly shrewd as Stockport continues its rapid regeneration and pulls in more young families and professionals.”
Alexander Taylor TRG’s Managing Director said, “I have been impressed once again by Glaisyers, who carried out extensive due diligence on a problematic brownfield freehold site with great efficiency. I consider Ross Wellman, David Marlor and the rest of the team to be my colleagues on this project.
“Our main reason for instructing Glaisyers is the refreshing way in which they take a commercial, as well as a legal, view of the projects on which they work with clients. They are problem-solvers with a ‘can-do’ attitude who really understand what we want to achieve and the realities of operating as a business.
“I look forward to working with them over the next 18 months as we progress the site to completion and establish it as the model for future suburban developments by TRG.”
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