UK developer Fortis Group is to build hundreds of homes in Manchester having secured a £20.7m loan from OakNorth.
The finance will be used to develop Adelphi Wharf in Salford, a residential site consisting of 387 homes and two retail units.
The development will be completed in December next year, but all residential units have already been pre-sold.
Established in 2012, Fortis’ portfolio spans the whole of the UK. In the past three years, it has completed 15 student and residential developments totalling 1,500 flats, and currently lets more than 1,700 flats throughout the UK.
Gareth Morgan, executive director at Fortis, said: “We have now completed several large-scale residential projects in Manchester, with several more currently under construction, so it’s a city we know well and one that is in desperate need of more homes. It is one of Europe’s fastest-growing cities and with the Ordsall Chord and High Speed 2, its popularity will only continue to grow.
Hemesh Patel, property finance director at OakNorth, said: “Manchester has established itself as the second most important economic hub in the UK behind London, creating a strong driver of demand for city centre living. Property now sells three times as quickly here than in the capital and demand significantly outstrips supply, as evidenced by the fact that Fortis has already pre-sold almost 400 units more than 12 months before doors will be opening.”
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