19 July 2022
JV established to deliver The Downs Quarter
The McGoff Group and Consensus Property have joined forces to create a new joint venture (JV) to deliver The Downs Quarter development in Altrincham.
Both the McGoff Group and Derek Thompson’s Consensus Property are family-owned Altrincham-based companies, each well established in the North West construction and property sector.
The Thompsons have been involved in the overall Downs project for many years and are determined to deliver it effectively. They initially started to assemble the land 19 years ago, building and selling 15 apartments and six commercial units along the site frontage of The Downs while preparing the infrastructure for a further 39 properties to the rear of the site.
This part of the site was sold to House Crowd in January 2019. Following the subsequent collapse of the House Crowd development in March 2021, Derek Thompson concluded negotiations to purchase the site back from the administrators late last year, with a £2.5million facility provided by specialist lender Together in under two weeks.
Committed to rescuing the embattled project located in the heart of the historic market town, the two firms have been working closely together since the start of year with a view to bringing this prestigious development forward.
Nestled away in Altrincham, The Downs Quarter comprises a collection of contemporary one, two and three bedroom apartments as well as stunning three bedroom townhouses and a commercial unit. There will be a total of 39 new homes built on the site, four of which offer a live/work option.
Sitting at the heart of the McGoff Group, McGoff Construction will complete the design and build of the development, utilising in-house resources from Group companies Panacea Building Systems (drylining) and McGoff Group Facilities Services (M&E, Passive Fire & Joinery). The Group’s residential arm, Villafont, will develop and manage the sales strategy for the development. There is also scope for the Group to undertake the ongoing building and facilities management once complete.
Commenting on the JV, Declan McGoff, Joint Managing Director at the McGoff Group, says: “The Downs Quarter is a superb site in a much sought-after location. The opportunity to work with Derek and deliver 39 new homes in Altrincham was something we were really keen to do, and we are very much looking forward to getting started on site, showcasing our expertise from various divisions within the Group.”
Derek Thompson adds: “I am delighted to be able to hand the completion of this landmark project over to the McGoff brothers in complete confidence that their professionalism, expertise and deserved reputation for excellence over many years will ensure that this significant development will be completed to the highest standards.”
Manchester’s Beyond Corporate is advising on the build contracts whilst Brabners is dealing with the conveyancing and plot sales. Together is financing the design and enabling phase of the development, with a view to financing the development as a whole.
Chris Taylor, Head of Portfolio & Risk at the Manchester-based lender, said: “We’re delighted to support the McGoff Group and Consensus Property to revive this ambitious scheme. Consensus Property originally approached us to help them purchase the property out of receivership, something we as a lender specialise in.
“Reviving what is an eyesore in the middle of Altrincham, The Downs Quarter will play an important part in the residential development of the town centre, and once completed, it will provide a thriving place for people to live and work.”
Head of Special Projects at McGoff Construction, Brendan Caloe, concludes: “Having now commenced with the detailed design of the scheme, we anticipate the build of the project to take circa 61 weeks. The marketing of the individual properties will commence imminently, which will undoubtedly generate huge interest in the development.”
The Downs Quarter will launch in September.