Property of the Week is brought to you by our partners, Bespoke by Northwood.

This week we take a look around Albion Mill on London Road.

Priced at £2 million, it is described as a 'landmark residential development opportunity'.

The brochure reads: "A prominent Grade II listed former textile mill with full planning permission for the creation of 30 high-quality apartments, including a mix of two-bedroom homes and spacious three-bedroom duplexes.

"Located within walking distance of the town centre and Macclesfield train station, this iconic building offers a unique opportunity to deliver a design-led residential scheme with strong heritage appeal and a projected gross development value of £7.5 million.

"A rare chance to restore a historic mill and bring meaningful value back to one of Macclesfield's most recognisable landmarks."

Albion Mill was constructed in 1843 for silk merchant, Thomas Heapy (Credit: Bespoke by Northwood)

The story of Albion Mill

Albion Mill was built in 1843 for silk merchant, Thomas Heapy.

The listing states: "Albion Mill is a lasting symbol of Macclesfield's industrial rise. Its bold red brick, cast-iron columns, and slate roof reflect the confidence of the era, a time when the town's silk trade was powering national demand and local growth.

"This Grade II listed building was part of a movement that put Macclesfield on the map. Though time has taken its toll, the mill still stands strong, ready for a new chapter.

"Many similar buildings have been lost. Albion Mill is one of the few that remains, and one of even fewer with planning permission in place and real potential for restoration.

"Now is the opportunity to honour its heritage while bringing it back to life with purpose and design."

The mill has been vacant for around 20 years (Credit: Bespoke by Northwood)

Planning Permission

Albion Mill has permission to be turned into 30 residential apartments, each designed to celebrate the building's industrial character.

The consented scheme features a mix of 25 two-bedroom flats and five three-bedroom duplexes.

There are no internal corridors and each apartment has its own entrance, giving the development a 'strong sense of rhythm and privacy' often found in urban warehouse conversions.

In terms of design, the apartments will feature exposed brickwork, cast iron columns, original beams and high ceilings along with modern finishes.

"After almost 20 years vacant, Albion Mill is ready for its next chapter," reads the brochure.

"This is a fully permissioned opportunity to create homes with substance and identity in one of Macclesfield's most iconic buildings."

Planning permission is in place for 30 apartments (Credit: Bespoke by Northwood)

The estimated all-in cost, including the acquisition, build and professional fees, is £5.5 million.

Each of the apartments is expected to have a resale value of between £230,000 to £280,000.

Alternatively, the two-bed apartments have a projected annual rent of £12,000, with the three-bedroom duplexes bringing in £15,000.

This brings the total projected annual rental income to £375,000, giving an estimated gross yield of 6.8%.

The listing adds: "With strong demand, proven values and full planning already secured, Albion Mill presents a compelling opportunity for a design-led residential scheme with real commercial strength.

"Whether retained as a full rental investment or delivered as a mix of sales and lets, Albion Mill provides a rare opportunity to combine character, consistency and commercial return in one of the town's most distinctive settings.

Albion Mill is located off London Road (Credit: Bespoke by Northwood)

For more information, visit www.northwooduk.com or call 01625 617640.

Alternatively, visit Northwood's Macclesfield office at 22 Church Street, SK11 6LB.

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