Number 2 Waterloo Street in Manchester city centre is one of three buildings which used to form factory and packing warehouse Transact House.
After snapping up the five-tier for just less than £1 million developer Stephen Beech, founder of Beech Holdings, will transform it by creating eight one-bed, three studios, two Duplex and four two-bed apartments.
The 38-year-old said Beech Holdings will preserve the heritage of the building and that the scheme will complete within six months.
He said: “I am delighted to announce that we have received planning permission for Number 2 Waterloo Street from Manchester City Council.
“We feel honoured to have the support of the council to restore this beautiful building for the enjoyment of many generations to come.
“Now that the development money has officially been allocated, we will focus our efforts to ensure new tenants can enjoy beautiful carbon-neutral homes within six months.”
Stephen added that Number 2 Waterloo Street, which was built in 1880, gives an insight into the industrial revolution, with markings of workers’ clogs in the floorboards still visible on the upper floors.
“It’s a forgotten gem and has been a ‘ghost building’ for a long time,” said the Urmston born developer, whose firm takes unloved buildings in prime Manchester locations and develops them into apartments.
“You can literally see the last people who have walked there. There are dints from workers’ steel clogs which obviously chipped away at the floor.
“I love the building’s character, its huge windows, and that Beech Holdings will be restoring it while also retaining its unique character.
“We will invest £1.2m on Number 2 Waterloo Street’s transformation and are very pleased to be doing so as, otherwise, it would have just been allowed to crumble and decay.
“Our Beech Construction arm will bring this to market within six months, with the apartments boasting tall ceilings and open light living spaces.”
It comes after Beech Holdings – the parent company of Beech Properties and Beech Construction – recently landed a £30m revolving credit finance facility, after being advised by Clearwater International.
Carbon-neutral property developer Beech Holdings, which has a gross development pipeline of over £150m, also launched its headquarters on Oxford Street earlier this summer.