Capital & Centric is set to receive a £25.5m loan from the Greater Manchester Combined Authority for its 201-home Crusader Mill development.
The £50m converted textile mill scheme near Piccadilly station is among four developments recommended to the GMCA for approval to receive money from the £300m Greater Manchester housing fund.
The GMCA executive is due to meet on Friday to approve the loans, which also include:
- £987,000 to Former Delph Chapel for its residential scheme at Delph Chapel, Oldham
- £950,000 to Casey Living for its Bolton housing development in Hulton Lane
- £664,000 to Hillcliffe Homes for its housing project in Harvey Street, Wigan
Capital & Centric said the loan would help to bring forward the conversion of the Grade II listed mill, which is due to be converted into one and two-bed flats.
It follows the official launch of the scheme on 15 July which saw the first 30 flats – totalling more than £7m –snapped up in less than six hours. The developer had offered the first tranche exclusively to locals, who often struggle to find city centre flats that have not already been sold off-plan to overseas investors.
John Moffat, development director, Capital & Centric said: “The combined authority is playing a really hands-on role in Manchester’s growth, and credit to them. Crusader being considered for loan funding is a vote of confidence in what we’re trying to achieve, a genuine community at the heart of the city.
“We are challenging what people have come to accept as the norm from city regeneration. We have given first dibs on all the apartments to local buyers and the crowds that descended on launch day show people are responding to that. We are also sensitively restoring a piece of architectural heritage and designing a real neighbourhood – not just white boxes void of any identity.”
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