Property developer Select Property has secured a £128.5 million development finance deal to take forward its landmark One Port Street residential development in the heart of Manchester’s “Northern Quarter.”
Maslow Capital, a specialist finance provider with a track record of funding large-scale developments, has provided the new finance as groundwork on the development nears completion.
Select Property has sold £135 million of apartments at the development since February.
One Port Street represents the first residence under Select Property’s new flagship brand, the Prestige Collection.
The development will bring 477 apartments to the city on its completion in 2025. Select Property expects the development to create at least 59 jobs and an estimated economic impact of £29 million to the city once completed.
The deal marks the second occasion Maslow Capital has supported Select Property, having previously funded the development of CitySuites II.
Select Property CEO Adam Price said: “Significant appetite from investors and funders alike is testament to the strength of the opportunity promised by One Port Street, and to our team’s track record of developing and operating successful residences in Manchester.
“The residence will deliver the very best of city centre living, with luxury amenities and a stunning contemporary design throughout the apartments and communal spaces.
“With Maslow Capital at our side once again, One Port Street will bring forward a new neighbourhood that will connect the Northern Quarter with Ancoats – two of the UK’s most thriving places to live – and will deliver a lasting multi-million-pound boost to the city’s economy.”
Maslow Capital Senior Partner Matt Pigram said: “One Port Street is an excellent addition to Select Property’s impressive portfolio that sets new benchmarks in residential living.
“This ambitious project reflects Maslow Capital’s unwavering commitment to the UK’s housing sector and to supporting large-scale projects that are critical in addressing the nation’s housing shortage.”