REDEVELOPMENT OF HISTORIC MILLS MANCHESTER
10th December 2015
DEVELOPER SWOOPS FOR HISTORIC MANCHESTER MILLS
A number of historic textile mills totalling 200,000 sq ft near the proposed HS2 terminal in Manchester city centre have been sold in an off-market transaction ahead of a planned regeneration scheme.
The mills are partially occupied by a variety of businesses, including the Rogue Artists Studios and clothing manufacturers, but large sections of the mills are vacant and falling into disrepair. The biggest mill is the grade II-listed Crusader Works, constructed in approximately 1830.
The area around the mills has been lined up for the proposed new HS2 terminal linking Manchester to Birmingham and London.
An existing masterplan drawn up by Manchester City Council shows offices, apartments, hotels and retail surrounding these existing mills. The mills are the only listed buildings in the area surrounding the HS2 expansion zone.
Adam Higgins of Capital&Centric said: "This is a rare thing to find; beautiful old mills right next to Piccadilly Station in need of a lot of investment to bring them back to their former glory.
"These buildings have evolved for various different uses over the years and we're delighted to be the current custodians of their future.
"We're excited by the prospect of HS2 and we wanted to be involved in developing this part of the city, dubbed East Village. We like reusing and repurposing buildings, and opportunities like this don't come around often.
"We only had four weeks to buy the building. We don't have any bank debt which gives us the ability to move quickly, and we've got a great team that have been able to achieve that timescale."
More than 100 artists have collectively rented 30,000 sq ft over three floors of the Crusader Mill over the past 15 years, creating the Rogue Artists Studios hub. Rogue Artists Studios' current lease expires in December 2016.
A spokesman for Rogue Artists Studios, said: "We are shocked to hear about the sale of the building we have rented for the past 15 years.
"Rogue has provided working space and a cultural hub for Manchester's burgeoning arts scene, not to mention the cultural capital which is so often used as an attraction when marketing Manchester. We are now looking to relocate and hoping a suitable building can be found."
Source: Insider Media
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