City centre warehouse conversion deal for MCR Property Group

Bloom & Mindel Victorian warehouses set to contain 80 apartments

Manchester’s MCR Property Group has bought a warehouse conversion residential development and says it will push the project forward after years of delay. MCR has acquired the Grade II-listed Bloom & Mindel Victorian warehouses in Bloom Street, which have permission to be converted into 80 homes.

Plans for the scheme were first submitted in 2016 and won planning permission in 2020, but the scheme has not progressed. MCR founder Aneel Mussarat says his company is already working with project consultants, construction partners and contractors to move it forward, and says the group will also work with Manchester City Council on planning.

It’s the latest big acquisition for MCR, which last month announced it was buying the landmark CIS Tower.

The Bloom & Mindel scheme will include 80 one, two and three-bedroom apartments,with original features including exposed brickwork, timber beams and cast-iron columns retained.

Aneel Mussarat, founder of MCR Property Group, said: “Bloom & Mindel has remained without development progress for a number of years, and our acquisition marks an important new chapter for these significant heritage buildings. We are actively engaged with our project consultants, construction partners and contractors to progress the scheme, while working closely with Manchester City Council to discharge the relevant planning and listed building consent conditions.”

“MCR Property Group has a strong track record of delivering complex redevelopment projects and bringing challenging sites back into productive use. That experience gives us the capability required to progress a heritage scheme of this nature while protecting the architectural features that make the buildings so distinctive.

“As a Manchester-based business, we are proud to be investing in our home city. Our ambition is to deliver high-quality new homes, secure the long-term future of these important buildings and make a positive contribution to the surrounding area.”

MCR’s other local developments include the nearby Harter Street residential development. In October, it agreed a a £250m debt facility to support its acquisition and growth plans.

In April, the company bought a London hotel and apartments portfolio for £123m, and in March it acquired Swindon’s former Intel UK headquarters and announced a £130m residential-led redevelopment.

MCR’s Bloom & Mindel project team includes Fletcher Rae, TIER, Black Sheep Homes, Paul Butler, Consulux, SOCOTEC and Peak Sustainability.