Investar Property Group, the property development behind the 442-apartment complex on the site of the Stockport College campus, is reviewing its options for the build.
The Group has been unable to get the redevelopment off the ground since planning permission was granted, due to “build cost inflation and interest rate rises”, according to Michael Dong, chief executive of Investar.
The developer is exploring alternative options for the project, with the most likely result seeing the site offloaded, according to market sources. Investar is also looking into possibly forming a joint venture with another developer.
Speaking to Place North West, Michael furthered: “Instead of waiting for the right turn in the market next year, we want to proactively look for alternative options to speed things up. The market in Stockport is attractive to a number of buyers and JV partners.”
Investar acquired the project from Stockport College back in 2020 and the scheme would see four of the existing buildings on the site demolished.
For example, The Torkington Building would be developed into 122 apartments, while the Grade-II listed Greek Street building would be converted into a collaborative workspace.
In addition, a new six-storey gateway building would be constructed to provide 62 brand-new apartments. Meanwhile, the Hexagon lecture hall would be demolished to make way for a public realm and civic space.
A decision is still yet to be made on its future.
