Salboy has secured financing for the development of a 556-home build-to-sell scheme in Manchester’s Green Quarter district.
ICG Real Estate has provided a £100m loan to the developer. The transaction supports ICG Real Estate’s strategy to fund the development of assets in sectors which are supported by compelling long-term structural drivers, such as the demand for new homes.
The scheme, known as Waterhouse Gardens, will be built on the site of the former Boddingtons Brewery, directly opposite Manchester Arena and Manchester Victoria station.
The proposals comprise high-spec flats, duplex and penthouses alongside a private clubhouse offering a swimming pool, squash and basketball courts and a private cinema.
The scheme also includes 30,000 sq ft of commercial space, which it is hoped will be occupied by boutique traders, independent restaurants and bars together with some office space.
Construction of the scheme has already commenced with completion scheduled for 2026.
Simon Ismail, managing director at Salboy, said: “By 2026 this scheme will deliver sought-after city-centre living for many of the thousands of students and young professionals that choose to stay in, relocate or return to Manchester every year to launch and progress their careers.”
Jai Patel, managing director at ICG Real Estate, said: “We remain keen to focus our attention on significant transactions in the living space which align with our deep conviction calls and continue to be supported by strong underlying fundamentals.”
Image from ICG Real Estate
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