PUTTING ON THE RITZ IN STOCKPORT

Putting On The Ritz In Stockport

There has been no shortage of property development in Stockport of late. The face of the town has been changing with many famous buildings and sites being given a new lease of late. There will soon be a chance for property owners to feel as though they are putting on the Ritz at their new home because the site of the former cinema is being put up for sale by Stockport Council with the intention of bringing more residential development to the town.

The site had previously been earmarked for a hotel development but given the demand for residential property in Stockport, it makes sense to utilise the space and site in this manner. The site is currently being used as a surface car park with space for 81 cars and the council has held the freehold on the site since September 2009. The council obtained the land, which is located between Fletcher Street and Piccadilly, after swapping land with Elias Property. That deal allowed the company to obtain the Fletcher Street car park for £225,000.

The land will be transferred from the council once the scheme has been completed

The expected deal is likely to be a development lease, and this means that the council will transfer the land when the scheme is completed. The council is taking this action to prove an incentive to build and develop the scheme as quickly as possible. This deal will also help the developer to avoid having to pay a significant amount of money in advance.

This development forms part of Stockport council’s overall plan to change the face of Stockport town with the addition of up to 3,000 homes. This site spans 0.6 acres and is found between two major development sites, Greenhale House and Regal House. These sites form part of the major work planned for Stockport town centre, so the work on the former site of the Ritz is likely to play a significant part in changing the nature of the town.

It is likely that the plan will receive council cabinet approval

While the council cabinet still must approve the plans, it is likely that it will. A recommendation has been made to approve the sale but given the level of work and development that has occurred in Stockport of late, it is likely that this project will get the go ahead.

At Spencer Harvey, we recognise that the face of Stockport is changing quickly, and we look forward to seeing how the town evolves in the next few years. The town council is committed to improve the local area and the benefits are already being felt. If you want to stay informed with what is happening here, you can give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html

 



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