Bricks strikes £46.6m funding deal for Salford Quays PBSA 

London Wall Lending has agreed to grant the developer a 21-month loan facility for the construction of a 457-bedroom development off King William Street. 

Bricks Capital’s £46.6m loan will fund the 15-storey second phase of the Discovery Quay student cluster, which is being built Graham Construction. 

Bricks anticipates the development, designed by KKA Architects, will be ready for occupation in time for the 2023 student intake. 

Salford City Council granted planning approval for the second phase of the Salford Quays student cluster in 2020. Once complete, the scheme will be managed by Bricks’ in-house operating brand True Student. 

The 402-bedroom development next door was also funded by London Wall. Create Construction built the first phase but the company collapsed last year. 

Both the first and second phases of Discovery Quay are owned by a joint venture between Bricks and Tristan Capital Partners, which was formed last year. 

As part of the deal, Bricks sold £400m of assets to the JV. 

“Having already worked successfully with Bricks Group in the past on the delivery of Discovery Quay, when the opportunity arose to collaborate again, we jumped at the chance,” said Ned El-Imad, partner at London Wall. 

“The firm has a track record of bringing forward best-in-class assets across the student and co-living sectors, both of which are attracting high levels of investment right now. With this in mind, we’re looking forward to continuing to develop our relationship through the funding of Discovery Quay II.” 

“Salford’s real estate boom has been well-charted in recent years, and the areas in and around Media City are in high demand amongst the student and young professional population,” said Peter Prickett, founder and chief executive of Bricks Capital. 

“We’ve built a strong working relationship with London Wall Lending and highly value their flexibility – we’ll utilise this relationship to continue providing experience-driven student living as Salford University continues to move from strength-to-strength.”