Maslow Capital supports a 127-unit BTR scheme in Salford Quays with the provision of an £18.6m development facility
London, 1st Feb 2022– Specialist real estate development finance provider Maslow Capital has announced the completion of a £18.6m development facility, assisting with a 127-unit BTR scheme in Salford Quays, Manchester.
The site currently consists of two interlinked vacant office buildings, standing at 5 and 7 storeys. The redevelopment represents an opportunity to refurbish the disused office buildings under permitted development rights, converting them into high-quality, affordably priced residential rental accommodation in a city with an undersupply of housing.
The scheme, which was introduced to Maslow by Brotherton Real Estate will house 127-units, consisting of 1 and 2 bed apartments upon completion of the development. The development will promote the establishment of inclusive communities within the building by introducing high-quality communal spaces, which will lend itself well to the target market.
The property is located on the waterfront of the Quays, half a mile from MediaCity and is within easy reach of Manchester City Centre. The Salford Quays area has become well known as the home of digital and media talent in the Northwest and acts as a secondary business and commercial hub for Manchester, making the area an attractive location for young professionals.
“We are delighted to be involved in the delivery of a further 127 apartments in an area where demand has outpaced supply. With working habits having materially changed as a result of the pandemic, office to residential conversions are a viable option for alleviating the housing crisis in a sustainable way, due to the level of embodied carbon that rests in the original structure that does not require demolition and re-development. It has been a pleasure working on this transaction in an area that is set to become a busy waterfront community.”Sky Mapson, Deal Origination at Maslow Capital
The completion of this £18.6m loan facility marks the second deal Maslow has completed in the Salford Quays area during the last three months, following the completion of a separate £20m development facility in November 2021.
“We are thrilled to have been involved with this transaction that will deliver affordably priced accommodation to an under supplied market. With particular thanks to the Maslow team for providing a professional and pragmatic approach to execution. We look forward to watching the scheme progress and with the support of Maslow, we have no doubt that this project will be a success.”Tanya Wolfe, Director at Brotherton Real Estate