Close Brothers returns with Sarah Point deal
By Bridging Loan Directory -
Close Brothers has committed loan finance to the Sarah point residential scheme in Manchester, in what has been billed as its first significant investment in the North since 2008.
The site in Ancoats, which was started by Bashar Issa – who was jailed on Monday for tax fraud – has a steel frame but has been mothballed since 2008.
Now work is due to start after finance was secured from Close Brothers and the Homes and Communities Agency, which has committed £6m from the Get Britain Building fund, on top of £4m it has already invested.
The block will have 166 flats, with 40 taken on by social housing landlord Adactus Housing. The scheme is being developed by Nuovo Apartments – a joint venture between UK Land & Property and Sir Robert McAlpine.
Deborah McLaughlin, executive director for the HCA in the North West said:
“It is great that Sarah Point Nuovo has started on site. It’s an extremely important scheme for Ancoats and a prominent sign of the activity in the city fringe which has seen over 500 homes start on site with Get Britain Building funding within the last couple of months.
“Ancoats is really taking off, with The Halle’s new permanent rehearsal home in the former St Peter’s church and the New Islington Free school opening in September 2013.”
Simon Parker from Nuovo Apartments said:
“We are delighted to have completed funding agreements to get this scheme moving. We expect the 40 low cost home ownership units, which will be delivered with Adactus Housing, to be completed in the summer next year, and the remaining 126 high quality open market for sale apartments to be ready for occupation in the autumn of 2014. We are already talking to occupiers for the commercial space on Great Ancoats Street.”
Richard Hemmings of Close Brothers said:
“We are extremely pleased to be working with UK Land & Property and Sir Robert McAlpine on this project. Funding important schemes like Sarah Point Nuovo alongside the HCA is an excellent way of levering private sector funding into regeneration schemes, and builds on the confidence private sector investors and developers have already shown in this part of the city.”