£4 million redevelopment for former brewery
A quiet life with occasional visits from his grandchildren was what Rumi Sethna was looking forward to when he and his wife Hilda moved to the Isle of Man from leafy Surrey five years ago.
He then met property developer Eddie Sheridan, the two men became both business partners and friends, setting up Howstrake Developments with their first venture the conversion of the former Okell’s Falcon Brewery in Douglas into 11 luxury apartments and town house.
Work on what has been a £4m project is almost complete but along the way tragedy struck when Eddie Sheridan became ill suddenly and sadly passed away two years ago.
“Because so much of what has been achieved was down to Eddie we decided that the development should be known as Sheridan Apartments,” said Mr Sethna. “Eddie’s wife Ros has been responsible for all the interior design and will continue to be involved in the business in that capacity.”
Okell’s original brewery was founded on Castle Hill by Dr William Okell in 1850 but 24 years later it moved to the Falcon Brewery. In 1945 it was acquired by wine merchants and today one of the major landmarks has been extended as part of its refurbishment with apartments ranging in price from £245,000 to £495,000.
“Rumi has a natural flair when it comes to property refurbishment and he has created something special from what was an old brewery and blending old with the new,” said legal adviser Mark Humphrey, of advocates Long & Humphrey.
Mr Sethna, 67, added: “What I’m doing now is a far cry from my days as an accountant and nursing home proprietor. I love the Island and its countryside and when we moved here my intention was to lead a calmer life but now we have three other developments in the pipeline. Would we go back to Surrey? Not for all the tea in China.”
His next challenge is the development of 11,500 sq ft of offices in Hope Street, Douglas and then 25 sheltered housing apartments on the site of the former Follies Cabaret restaurant overlooking Douglas Bay.