Maslow Capital provides £123m development facility for two iconic residential towers in Manchester
Specialist development finance provider Maslow Capital has today announced the completion of a £123 million development facility to fund the construction of two iconic residential towers in Manchester.
With an estimated gross development value in excess of £230million, the project will seek to meet huge demand in a city that has one of the highest proportions of young workers (aged 18-34) in the country, a key demographic in the UK’s rental market.
Strong demand for high quality city-centre residential units in Manchester continues, supporting a steady increase in both capital values and rents, making Manchester a major UK investment hub.
Commenting on the supply of residential units in Manchester, Partner & Deal Originator Matt Pigram, said:
“Despite a large increase in supply over the past few years, our market research shows an ongoing shortfall of supply of residential dwellings in the Manchester region. As a lender we are delighted to see a residential development of this scale under construction by a proven developer that is fully committed to meeting the housing demand in the city.”
The development will consist of two towers reaching 21 and 52 storeys respectively, providing a combined total of 664 residential units. The taller of the two towers will offer 360-degree views across the city and is set to become one of the most iconic on Manchester’s skyline. Residents will benefit from the finest facilities; including a resident’s lounge, a rooftop garden, a co-working space and one of the highest swimming pools in western Europe which is located on the 44th floor.
The completion of this £123m loan marks Maslow Capital’s eleventh facility in Manchester, making it a key and experienced lender in the northern region.
Commenting on Manchester’s ambitious development plans James Henry, who led the structuring of the loan facility said:
“More students are residing in Manchester post-graduation than ever before, leading to an annual increase in the size of the working population that need high quality, well located accommodation. As a lender with close ties to Manchester, we are extremely pleased to be deploying an additional £123m into such an ambitious regeneration project.”
Maslow Capital CEO & Co-Founder, Ellis Sher added:
“We are delighted to be supporting the delivery of a scheme of such scale and quality by such an accomplished and experienced developer. Despite the political and economic uncertainty, all the parties involved have done what they said they would do and remain focused on the delivery of this important project. It’s easy to lose sight of the housing shortages that many parts of the country face with all the Brexit noise around us. It’s important to Maslow that we support high quality developers throughout the cycle, ignoring some of the near-term volatility and focus on the long-term fundamentals.”