The Mailbox, Stockport
Rise Homes has a strong track record in delivery of quality Build to Rent accommodation but nevertheless faced a challenge to secure finance for its redevelopment of the former Royal Mail sorting office in Stockport town centre due to the lack of an established market for Private Rented Sector accommodation in the area. The Fund provided a £5.4m loan alongside the same from the Greater Manchester Property Venture Fund to support the conversion of the building to create 117 spacious apartments with a roof garden and substantial atrium along with a basement car park, 2,200 sq ft restaurant unit and 13,500 sq ft of flexible workspace on two floors with an internal stairwell. The building also accommodates the largest living wall in the North of England.
Rise Homes Director Nigel Rawlings said: "We have worked successfully with the Fund previously on schemes outside of Manchester city centre and were delighted that they were able to offer us development finance on competitive terms. Furthermore, they are always a pleasure to deal with and accommodating where circumstances dictate."