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Tycoon goes back to his Altrincham roots
AN ALTRINCHAM property tycoon has completed a £15m deal to buy a run-down shopping mall in his home town.
Nabeel Chowdery's Property Route company has taken over the 24,500 sq ft Grafton shopping centre and seven storey office block.
His company will invest around £1m to refurbish the Stamford New Road centre to complement schemes to upgrade other parts of the town, such as the refurbishment of the Stamford Quarter.
Hale resident Mr Chowdery has £1.5m plans for an hotel in the office block - and talks are progressing with Travelodge to run it.
He is also hoping to get the go-ahead from planning chiefs to open a nightclub or casino in the basement.
In the mall, the aim is to create a welcoming 'cafe culture' - currently many people use it only as a 'cut-though' to other parts of the town.
Former North Cestrian Grammar School pupil Mr Chowdery told Messenger: "Altrincham is close to my heart. I grew up in the area and at lunch times I used to go to a cafe called the Drop Inn at the centre.
"I have good memories of the Grafton centre and of Altrincham as a whole and when Altrincham went downhill it hurt. I want to restore the Grafton to its former glory and help to bring the town back up - and I believe that within the next five years Altrincham will be on the map again."
He added: "I also want to create a nightclub or casino in the basement - subject to planning approval.".
Mr Chowdery, aged 34, was ranked as the joint 467th richest person in Britain in a national newspaper's 'rich list' last year, with a fortune estimated at £150m.
A self-made man, his business empire began from humble origins when he bought terraced houses in Longsight and later sold them.
Last year he bought Ashley House in Altrincham for £4m, as the base for Property Route. He also sold the Deansgate office block, Lancaster Buildings, for £12.7m, three years after buying it for £8.7m, and the Island site in Manchester for £15m.
12:19pm Wednesday 19th March 2008
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CommentPosted by: R Jones, Trafford on 2:39pm Wed 19 Mar 08
Ooooops, something else for the residents to have a moan about. I would beg Mr Chowdry to purchase Stretford Arndale, knock it down and build us a new decent shopping centre. Stretford get nothing worth having, we just have to make do with the old crap that has been around since I was a child, Stretford needs a revamp. Everywhere else seems to have megga amounts of money spent on them, when is it our turn, can anyone answer that. The outside of the Arndale is grotty, there is nothing worth going inside for, we have but one supermarket, no competition. Pound shops are the norm, I wish I could run the Arndale, the general public could do a better job.
Ooooops, something else for the residents to have a moan about. I would beg Mr Chowdry to purchase Stretford Arndale, knock it down and build us a new decent shopping centre. Stretford get nothing worth having, we just have to make do with the old crap that has been around since I was a child, Stretford needs a revamp. Everywhere else seems to have megga amounts of money spent on them, when is it our turn, can anyone answer that. The outside of the Arndale is grotty, there is nothing worth going inside for, we have but one supermarket, no competition. Pound shops are the norm, I wish I could run the Arndale, the general public could do a better job.
Posted by: Nick Smith, Irvine, N Ayrshire on 7:03pm Wed 19 Mar 08
I wonder if Mr Chowdery has thought of investing a few £s in his home town football club. Good luck to him I say.
I wonder if Mr Chowdery has thought of investing a few £s in his home town football club. Good luck to him I say.
Posted by: m, salford on 2:51am Thu 20 Mar 08
On mr r jones desires for stretford arndale refurbishment.Many people have moved since the house boom from around 2002 and others have moved in to the area with apartments being thrown up around the new marina and other areas.As with other areas outside of stretford due to the rising amount of individuals living as single persons.This could be good for stretford as it may be seen as more cosmopolitan(money that is) and some money may be pushed in that direction to brighten the area up like the major grant work done around 1996 in the gorse hill area. This could also alter certain crime figures if stretford's population increases by an increasing amount of available properties that only a few can buy. This could be the wrong enhancement,but who knows. I think this was done in ordsall in the 90's.Time will tell.At the end of the day Stretford was revamped in the late 60's with the arndale and the 90's in some areas.
On mr r jones desires for stretford arndale refurbishment.Many people have moved since the house boom from around 2002 and others have moved in to the area with apartments being thrown up around the new marina and other areas.As with other areas outside of stretford due to the rising amount of individuals living as single persons.This could be good for stretford as it may be seen as more cosmopolitan(money that is) and some money may be pushed in that direction to brighten the area up like the major grant work done around 1996 in the gorse hill area. This could also alter certain crime figures if stretford's population increases by an increasing amount of available properties that only a few can buy. This could be the wrong enhancement,but who knows. I think this was done in ordsall in the 90's.Time will tell.At the end of the day Stretford was revamped in the late 60's with the arndale and the 90's in some areas.
Posted by: Lynn Fitzsimons, Austalia on 3:56am Thu 20 Mar 08
good on him, and i remember the drop inn i use to go there, with my mum, and her friend Sheila.
good on him, and i remember the drop inn i use to go there, with my mum, and her friend Sheila.
Posted by: Alty Fan, altrincham on 8:50am Thu 20 Mar 08
Well done to Mr Chowdry, lets hope it comes off and we can get rid of the dreadful barracuda bar that attracts scum from other areas that bring the town down.A few quid to help the football club into the football league would be well appreciated aswell please Mr Chowdry!
Well done to Mr Chowdry, lets hope it comes off and we can get rid of the dreadful barracuda bar that attracts scum from other areas that bring the town down.A few quid to help the football club into the football league would be well appreciated aswell please Mr Chowdry!
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