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Thursday, April 18, 2024
AcquisitionsJMW advises on £6.6m Stretford acquisition

JMW advises on £6.6m Stretford acquisition

The Real Estate team at JMW Solicitors has advised Blueoak Estates on its latest deal; the acquisition of Alexander House in a circa £6.6million deal.

Blueoak Estates is a developer of luxury, sustainable homes across the North West. This latest deal will further expand its pipeline, which comprises several new schemes including St Michael’s Park and Tollemache Green.

Alexander House is a 63,000 sq. ft. commercial building in Stretford. The acquisition will see plans move forward to redevelop the property for residential use, creating 110 beautifully designed one and two-bedroom luxury apartments.

The project is Blueoak’s most ambitious development to date, transforming the imposing 1970’s office building into an aspirational new address.

Iain MacLean, Managing Director of Blueoak Estates, said: “This is a huge project for us that will see us upscale our established model considerably. The building is very much a product of its era; a 1970’s angular, concrete structure.

“Our aim now is to repurpose Alexander House, reconfigure the floor space and introduce modern features and functionality to make it perfectly suited for the young demographic we believe these homes will appeal to. This is a brilliant location and is gaining real traction in terms of a place that people want to live, with brilliant infrastructure and plenty of excellent places in which to socialise.

“The conversion to residential from commercial is very much our sweet spot and we’re excited to be taking on this latest challenge that shifts our aspirations up a gear in terms of size and scale.”

Thomas Pearson, Partner and Head of Real Estate Commercial at JMW Solicitors, said: “This is an exciting new acquisition for Blueoak, which will build further on its reputation for delivering high-quality, sustainable new homes and follows a successful start to 2022, which has seen the completion of several key deals across the North West.”

“We’re pleased to have been able to support Blueoak once again in getting this latest transaction across the line, and look forward to working together as development plans move forward.”

Savills was the agent on the deal.

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