Grasscroft Property has today (June 14th 2016) completed on the sale of its 4.5 acre Durban Mill site in Oldham to Countryside Properties.
Grasscroft purchased Durban Mill unconditionally from Findell in 2015. Demolition of a100m chimney and ‘soft demolition’ of the five-storey disused warehouse over a three month period completed in January 2016 with planning being secured at the end of May 2016 for 80 new two, three and four bedroom homes. The planned development will therefore have a transformational impact on the location as the site had been vacant since 2008 and considered a blight on the surrounding areas.
Countryside has agreed a subsequent deal with Sigma Capital to own and manage the units which will be made available for market rental upon completion by Countryside. The sale of Durban Mill represents the second deal within two months with Countryside and Sigma Capital by Grasscroft which recently sold its Coral Mill site in Newhay to them for the development of 60+ residential units.
The Durban Mill site is located half a mile from Junction 22 of the M60 motorway and is approximately one mile from Oldham town centre and five miles from Manchester city centre. The site is also close to the Hollinwood train station.
Mike Coulter, Managing Director at Grasscroft Property, said:
“Taking the risk of purchasing Durban Mill unconditionally underlines our confidence that this site was a prime opportunity for regeneration and had the potential to fulfil a real need for a new residential development in the area. We have great confidence in the Oldham market and in Greater Manchester more generally and are currently seeking new acquisitions in the region.”
Justin Cove, Associate Director of Nexus Planning said:
“This is a great outcome and we had an extremely positive working relationship with the planning officers at Oldham Council, which resulted in a reduction in the number of pre-commencement conditions attached to the approval. This ensures that development can get underway at the earliest possible opportunity.”
Preston O’Herlihy acted for Countryside Properties and WHR Property acted for Grasscroft. Nexus Planning are the appointed planning consultants for the Durban Mill site.
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For further information, please contact Justine McGuinn of Just PR & Marketing on 07903 661228 or justine@justprm.co.uk
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