A £40million funding deal has been struck for a flagship residential development in Salford. Liverpool-based Legacie Development has secured the cash from ICG Real Estate for Embankment Exchange in the city's Greengate district, which has a gross development value of £85m.
The 300-unit apartment project will boast a spa, gym, residents lounge and bar, work-from-home booths and a 24-hour concierge. Legacie says the 36-storey development will help bring an impressive new tower to Greater Manchester's skyline.
The Salford scheme is being promoted by the international sales agent, RWinvest, who have successfully pre-sold 80 per cent of the new homes off-plan. The development funding is ICG’s first major deal with the Liverpool company.
Legacie chief executive John Morley said: “This is the start of an exciting new partnership with one of the UK's most respected institutional property lenders. ICG’s investment will help us bring new life to an important part of a key Salford regeneration zone - unlocking jobs, training opportunities and local economic growth.
"Having the support of such a leading funder is also a major vote of confidence in Legacie and the wider region." He also paid tribute to Salford city council, who he said had 'proactively worked alongside our team to get the project to this point'.
Mr Morley continued: "I’m looking forward to pressing full steam ahead to deliver hundreds of quality new homes for Salford. This is a significant moment for Legacie Developments."
Jai Patel, managing director at ICG Real Estate, said: "We are pleased to be supporting Legacie with this exciting development in the Greengate district of Salford. Manchester’s economic growth and strong employment market has led to the continuing need for city centre residential. We look forward to working with John and the Legacie team, who are established developers in the North West, to deliver a high quality scheme for the city.”
Michael Gledhill, managing director of RWinvest, added: "It is a fantastic scheme, and its popularity reinforces the fact that Salford is considered one of the best UK property investment hotspots, with strong capital growth and impressive rental yields."
Legacie Developments is currently delivering over 2,000 residential units across the UK. Embankment Exchange is the company’s second scheme in Manchester. It recently appointed prominent Conservative Peer Lord Stuart Polak as an adviser.
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