Bank Backs Bridging Loan for Salford Redevelopment
Cambridge & Counties has made its biggest bridging loan to date to assist in the purchase of a redevelopment site in Salford with planning permission for a £130 million mixed-use landmark project on one of the key gateways into Manchester’s city centre.
The facility took just six weeks to drawdown following the initial meeting with the Bank. The new owner of the freehold, property business Leo Property Group, is now looking to either sell the site or carry out a joint venture development on the land which has permission for 525 townhouses and apartments in four tower blocks, the tallest rising to 26 stories.
The plans for the Regent Road site also feature a private sky garden, residential lounge, gym, coffee shop and landscaped communal recreation areas as well as secure parking for 165 bicycles. Architects liaised with Salford City Council planners and the application was well received when presented to the Council last summer.
Paul Jagota, managing director of Leo Property Group, said:
“We have worked for some time now with Cambridge & Counties and find them to be highly efficient and pragmatic in what is still a difficult property market."
“They are always willing to ‘think outside of the box’ and can work to exceptionally tight deadlines. I hope that this is one of many more deals to come.”
Carl Ashley, director of business development for Cambridge & Counties in the North and Scotland, said:
“We are very pleased to have been able to quickly progress this loan to help in the regeneration of a derelict site by such an exciting proposal. The development will connect several neighbouring projects that will revitalise the area.”