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Sunday, June 16, 2024
BusinessSelect Property secures £128.5m to complete Northern Quarter landmark

Select Property secures £128.5m to complete Northern Quarter landmark

A leading Manchester property developer has successfully secured substantial £128.5 million funding to complete its ambitious city centre project.

The cashboost will enable Select Property to advance the iconic One Port Street residence – nestled in the heart of the bustling Northern Quarter.

Crucial financing

Maslow Capital, a well-established specialist finance provider renowned for its history of backing large-scale developments, has stepped in to offer this crucial financing as the groundwork on the One Port Street development approaches completion.

This financial infusion comes on the heels of the development’s initial triumph, with Select Property having already sold an impressive £135 million worth of apartments at the residence since February.

The impressive landmark features a 2,000 sqft. swimming pool, seventh floor club lounge and a grand lobby with a 360° fireplace.

Pivotal venture

One Port Street represents a pivotal venture as it serves as the inaugural residence under Select Property’s prestigious new flagship brand, the Prestige Collection. This collection is set to redefine city centre living by emphasising opulent amenities and an unparalleled resident experience.

Upon expected completion in 2025, the development will introduce a remarkable total of 477 premium apartments to the cityscape.

Select Property envisions that this endeavour will not only provide quality housing but also contribute significantly to the local economy. It is anticipated that the project will generate a minimum of 59 jobs and eventually deliver an estimated economic impact of £29.07 million to the city.

Momentous deal

This momentous deal also marks the second occasion where Maslow Capital has extended its support to Select Property, having previously financed the development of CitySuites II.

CEO of Select Property, 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.”

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