Cityheart, a development and regeneration company, has taken charge of the 442-home Royal George Village site on Greek Street in Stockport. This aligns with Cityheart’s commitment to revitalising Stockport town centre. The acquisition follows the withdrawal of the previous developer, Investar Property Group, originally appointed in 2022.

Royal George Village, the largest purpose-built apartment development in Stockport with a GDV of £120 million, is part of the 130-acre regeneration district Town Centre West. This district, led by Stockport Mayoral Development Corporation (MDC), had an aim to deliver 4,000 new homes, green spaces, workspaces, and improved transport.

Post the acquisition, Cityheart has already commenced enabling works. They have secured a £9 million GMCA brownfield grant for the project. The scheme involves transforming the former Stockport College campus into a mixed-use development with 442 apartments. Key components include converting the Torkington Building into 122 apartments, demolishing the Lyme Centre for a 16-storey apartment block, and repurposing the Greek Street Building into co-working space. The project is set for completion in 2026.

The mixed-use redevelopment, designed by DAY Architectural, includes a new six-storey ‘Gateway’ building and repurposing listed buildings for residential and collaborative spaces. Beyond Corporate provided legal support during the acquisition. The project signals a significant step toward transforming Stockport into a vibrant, well-connected town. 

Jonny Wrigley, CEO of Cityheart, expressed pride in the acquisition contributing to Stockport’s regeneration, emphasising the immediate start on site and a rapid build program to enhance housing quality. The project also aligns with Stockport’s £1 billion town centre regeneration, reflecting significant progress in 2023. The acquisition will act as a catalyst for broader positive change.

Demonstrating an opportunistic approach, Cityheart seized the acquisition opportunity following the withdrawal of the previous developer. This clearly highlights the importance of staying alert to market changes. The commitment to town regeneration, public-private collaboration, and diverse repurposing strategies showcase strategic considerations that make for long term success. Cityheart’s swift action, thorough legal and financial due diligence, and a long-term vision underscore the crucial aspects of distressed acquisitions. 

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