The London-based developer is converting the former tax office on College Street in St Helens, into 112 apartments, while seeking further acquisition opportunities as the UK shifts to a buyers’ market.
HJ Collection, which launched last year and manages a property bond portfolio on behalf of investors in multiple schemes, bought the Crown Buildings at the end of last year for £1.8m. The acquisition was its third to date but first in the North West, and it plans to spend a further £5m on the redevelopment.
The building is being refurbished and extended to create one- and two-bedroom flats. Doncaster-based Empire Property Concepts is lead contractor for the St Helens project, which the developer claims will be worth £10m on its completion in 2021.
Reece Mennie, founder of HJ Collection, said that existing plans from St Helens Council and developer consortium English Cities Fund to invest £200m in the town over the next decade, will boost the value of the College Street scheme.
Mennie said: “With clear plans for the council to renovate the town, our decision to invest and develop in St Helens will prove incredibly valuable, not only in delivering promised returns to investors but also in offering residents, professionals and private landlords new, high-end apartment units on completion.”