Salboy in partnership with Relentless Developments have secured financing to bring forward the second phase of a £400m St Michael’s development in Manchester.
CBRE has provided a £127.5m loan on behalf of retained lending mandates, led by Quebec Deposit & Investment Fund and the Greater Manchester Pension Fund.
The second phase of development will comprise 217 flats, a 162-bedroom hotel and over 75,000 sq ft of grade A office space. The hotel will operate under the W luxury brand by Marriott International and the flats will be branded as W Residences.
The 43-storey tower will sit adjacent to the first phase of St Michael’s, which comprises 10-storey office block, incorporating two ground floor retail and leisure spaces and a rooftop restaurant with an outdoor terrace.
Andrew Antoniades, head of lending at CBRE, said: “[The scheme] typifies a truly mixed-use, future-proofed development that will benefit the local community through the provision of leisure, retail, residential and office space. We have built a reputation with our lending partners for substantial development loans with borrowers such as Salboy, that form a part of their investment portfolio.”
Simon Ismail, co-founder and managing director of Salboy, added: “St Michael’s will see the transformation of an underused area at the heart of the city into a new world-class destination for work, rest and play.”
Image © Mapp
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