A UNIQUE opportunity has arisen to purchase a large historic building in Greater Manchester.
The property is located on Silver Street in Bury town centre and was used as NHS offices from the 1950s onwards.
The building has been completely remodelled and now contains 48 studio apartments, with communal space on the ground floor, as well as additional space for a fitness centre, cinema room and bar/lounge for tenants.
And with the premises currently vacant, prospective buyers will be able to consider a range of commercial opportunities, such as buy to let, serviced apartments, single block letting or a mixture of three.
The transformation of the building was completed in 2022 and included keeping the original tall windows and the use of high-quality materials throughout.
The property is comprised of six residential apartments on the lower ground floor alongside the communal areas. The ground floor features a lobby and seven more apartments. Levels one, two and three have identical floor plans, with each containing 10 apartments. The top floor consists of five units - with two of these benefiting from additional space at either wing - and there is lift access to all floors.
The property is in an excellent location, being just three minutes’ walk from the town’s Train Station and bus interchange. Bury itself lies just eight miles north west of Manchester, with Bolton and Rochdale also close by.
A recent report by real estate firm Jones Lang LaSalle (JLL) found that in the coming years, Manchester is expected to be one of the strongest housing markets in the UK in terms of house price growth, with demand significantly outstripping supply – a trend that is likely to continue.
Between 2023 and 2027, sales price growth is projected to increase by 19.3% in Manchester.
The thriving area is also expected to have the strongest rental value growth over the next five years, with a 21.6% rise forecast.
This is based on the growing number of young professionals who are continuing to be attracted to live and work in the city, which has significantly boosted rental market activity.
Andrew Spencer, Commercial Agency Surveyor at Bradley Hall – who have been appointed to sell the property, said: “This is a fantastic opportunity to purchase a property with huge commercial potential.
“Greater Manchester is an area where there is huge demand for residential property, with the rental sector doing particularly well. With the UK’s second biggest city by urban area at its heart and several other towns, such as Bury, in close proximity, it is a really desirable area.
“When you pair that with the different commercial avenues open to the buyer of this property, it’s a real gem.”
For more information on Bradley Hall, visit: https://www.bradleyhall.co.uk/
